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  3. cost flow methods the following three identical un

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

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Accounting

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $115 April 15 Purchase 1 117 April 20 Purchase 1 119 Total 3 $351 Average cost per unit $117 ($351 3 units) Assume that one unit is sold on April 27 for $154. 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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