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Cost flow methods

The following three identical units of Item P401C are purchased during April:

Date	Item Beta	Units	Cost
Apr. 2	Purchase	1	$179
Apr. 15	Purchase	1	181
Apr. 20	Purchase	1	183
Total		3	$543
Average cost per unit ($543 3 units)			$181

Assume that one unit is sold on April 27 for $246.

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.

Line Item Description	Gross Profit	Ending Inventory
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost