Cost flow methods the following three identical units of item px2t are purchased during april: item beta units cost april 2 purchase 1 $293 april 15 purchase 1 296 april 20 purchase 1 299 total 3 $888 average cost per unit $296 ($888 ÷ 3 units) assume that one unit is sold on april 27 for $361. 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) $ $ b. last-in, first-out (lifo) $ $ c. weighted average cost

(a) $68; $595

(b) $62; $589

(c) $65; $592

Explanation:

a). First in first out (FIFO) :-

Gross Profit = Sales - Cost

                     = $361 - $293

                     = $68

Ending Inventory = $296 + $299

                            = $595

b). Last in First Out (LIFO) :-

Gross Profit = Sales - Cost

                     = $361 - $299

                     = $62

Ending Inventory = $293 + $296

                             = $589

c). Weighted average cost :-

Gross Profit = Sales - Cost

                     = $361 - $296

                     = $ 65

Ending Inventory = $296 × 2

                             = $592

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