Business, 04.07.2020 14:01 rleiphart1

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2Purchase 1 $314 April 15Purchase 1 317 April 20Purchase 1 320 Total 3 $951 Average cost per unit $317($951 ÷ 3 units) Assume that one unit is sold on April 27 for $403. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross ProfitEnding Inventory a. First-in, first-out (FIFO)$ $ b. Last-in, first-out (LIFO)$ $ c. Weighted average cost$ $

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Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item...

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