PE 7-1B Cost flow methods
Three identical units of Item ZE9 are purchased during April, as shown below.
| Item WH4 | Units | Cost | |||
| Apr. | 2 | Purchase | 1 | $10 | |
| 12 | Purchase | 1 | 12 | ||
| 23 | Purchase | 1 | 14 | ||
| Total | 3 | $36 | |||
| Average cost per unit | $12 | ($36 ÷ 3 units) | |||
Assume that one unit is sold on April 27 for $29.
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) average cost methods.
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