Calculator updates now or try tonight? Cost Flow Methods 1 1 The following three identical units of Item LOV are purchased during April: Item LOBV Units Cost April 2 Purchase $304 April 14 Purchase 306 April 28 Purchase 308 Total 3 $918 Average cost per unit $306 ($918 + 3 units) Assume that one unit is sold on April 30 for $416. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost