Cost Flow Methods The following three identical units of Item 3C07 are purchased during April: Item Beta Units Cost Purc

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Cost Flow Methods The Following Three Identical Units Of Item 3c07 Are Purchased During April Item Beta Units Cost Purc 1 (18.11 KiB) Viewed 10 times

Cost Flow Methods The following three identical units of Item 3C07 are purchased during April: Item Beta Units Cost Purchase 1 $133 Purchase 1 134 Purchase 135 $402 $134 April 2 April 15 April 20 Total 1 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 3 Average cost per unit ($402 +3 units) Assume that one unit is sold on April 27 for $166. 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