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

Assume that one unit is sold on April 30 for $118.
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?

Transcribed Image Text:

Item A Purchase Purchase Purchase Units Cost 68 73 75 $216 Apr. 2 14 28 Total Average cost per unit $72 ($216 3 units)