The following three identical units of Item LO3V are purchased during April: Item Beta Units...
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Accounting
The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $187
April 15 Purchase 1 190
April 20 Purchase 1 193
Total 3 $570
Average cost per unit $190 ($570 3 units) Assume that one unit is sold on April 27 for $243. 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.
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