Cost Flow Methods Units 1 1 The following three identical units of Item PX2T are...
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Cost Flow Methods Units 1 1 The following three identical units of Item PX2T are purchased during April: Item Beta Cost April 2 Purchase $210 April 15 Purchase 211 April 20 Purchase 1 212 Total 3 $633 Average cost per unit $211 ($633 + 3 units) Assume that one unit is sold on April 27 for $291. 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
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