2 PE 7-1B Cost flow methods The following three identical units of Item B are purchased during June: QBJ.2 Units June 1 1 Cost $140 152 Item B 2 Purchase 12 Purchase 23 Purchase Total Average cost per unit 158 1 3 $450 $150 ($450 - 3 units) Assume that one unit is sold on June 27 for $270. W Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods