Cost Flow Assumptions and Methods The following three identical units of Item P401C are purchased during April: Apr. 2 15 20 Total Item P401C Units Cost Purchase 1 $156 Purchase 1 160 Purchase 1 164 3 $480 $160 ($480 3 units) Average cost per unit Assume that one unit is sold on April 27 for $230. 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 method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost