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Cost Flow Methods The following three identical units of Item A are purchased during April:...

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Cost Flow Methods The following three identical units of Item A are purchased during April: Units Cost Item A Purchase Purchase Purchase $68 73 75 $216 Apr. 2 14 28 Total Average cost per unit 3 $72 ($216 3 units) 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. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

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