Cost Flow MethodsThe following three identical units of Item P401C are purchased during April: Item Beta Units Cost April 2Purchase 1 $100 15Purchase 1 120 20Purchase 1 140 Total 3 $360 Average cost per unit $120($360 ÷ 3 units)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) ; (b) ; and (c) . Gross ProfitEnding Inventorya. First-in, first-out (FIFO)$$b. Last-in, first-out (LIFO)$$c. Weighted average cost$$
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