OBJ. 2 349 PE 7-18 Cost flow methods The following three identical units of Item Beta are purchased during June: Units June Item Beta 2 Purchase 12 Purchase 23 Purchase Total Average cost per unit 1 1 1 3 Cost $ 50 60 70 $180 $ 60 ($180 + 3 units) Assume that one unit is sold on June 27 for $110. 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 (@) weighted average cost methods. PAGE 375 PE7-1B Determine he gross profit for June and ending inventory on June 30th using FIFO O Gross Profit = 130 Ending Inventory = 60 Gross Profit = 60 Ending Inventory = 130 Gross Profit = 40 Ending Inventory = 110 Gross Profit = 50 Ending Inventory = 120