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  3. cost flow methods the following three identical un

Cost flow methods The following three identical units of Item P401C are purchased during April:...

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Accounting

Cost flow methods The following three identical units of Item P401C are purchased during April: Date Item Beta Units Cost Apr. 2 Purchase 1 $100 Apr. 15 Purchase 1 120 Apr. 20 Purchase 1 140 Total 3 $360 Average cost per unit ($360 3 units) $120 Assume that one unit is sold on April 27 for $300. 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. Line Item Description Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2

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