Assignment 1- pg 6

The following three identical units of Item PX2T are purchased during April: Item PX2T Units Cost April 2 Purchase 1 $172 April 14 Purchase 1 174 April 28 Purchase 1 176 Total 3 $522 Average cost per unit $174 ($522 + 3 units) Assume that one unit is sold on April 30 for $240. Determine the gross profit for April and ending inventory on April 30 using the (3) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) v v b. Last-in, first-out (LIFO) v v c. Weighted average cost v v