Cost Flow Methods The following three identical units of Item PXZT are purchased during April: Cost April 2 April 15 Apr

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Cost Flow Methods The Following Three Identical Units Of Item Pxzt Are Purchased During April Cost April 2 April 15 Apr 1 (21.54 KiB) Viewed 14 times

Cost Flow Methods The following three identical units of Item PXZT are purchased during April: Cost April 2 April 15 April 20 Total Item Beta Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Purchase Units 1 1 1 3 Average cost per unit ($402 + 3 units) Assume that one unit is sold on April 27 for $177. 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. $130 134 138 $402 $134 Gross Profit Ending Inventory