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The following three identical units of Item JC07 are purchased during April:
Item Beta Units Cost
April 2 Purchase 1 $301
April 15Purchase 1 304
April 20Purchase 1 307
Total 3 $912
Average cost per unit $304($912 ÷ 3 units)
Question 1: Assume that one unit is sold on April 27 for $413. 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.
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