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

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Accounting

Cost Flow Methods

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

Item Beta Units Cost
April 2 Purchase 1 $213
April 15 Purchase 1 214
April 20 Purchase 1 215
Total 3 $642
Average cost per unit $214 ($642 3 units)

Assume that one unit is sold on April 27 for $272. 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) $fill in the blank 1 $fill in the blank 2
b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4
c. Weighted average cost $fill in the blank 5 $fill in the blank 6

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