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Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item...

Cost Flow Methods

The following three identical units of Item JC07 are purchased during April:

Item Beta Units Cost
April 2 Purchase 1 $104
April 15 Purchase 1 105
April 20 Purchase 1 106
Total 3 $315
Average cost per unit $105 ($315 ÷ 3 units)

Assume that one unit is sold on April 27 for $147. 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 co
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