# Cost Flow Methods The following three identical units of Item P401C are purchased during April:   Item Beta   Units   Cost   April   2 Purchase   1   $100 15 Purchase 1 120 20 Purchase 1 140 Total 3$360            Average cost per unit         $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO)$ $b. Last-in, first-out (LIFO)$ $c. Weighted average cost$ $Question Cost Flow Methods The following three identical units of Item P401C are purchased during April:  Item Beta Units April 2 Purchase 1$100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit$120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for$300.

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