Three identical units of Item S77 are purchased during October, as shown below.

Assume that one unit is sold on October 26 for \(\$ 100\).
Determine the gross profit for October and ending inventory on October 31 using the

(a) first-in, first-out (FIFO);

(b) last-in, first-out (LIFO); and

(c) average cost methods.objs. 4, 5

Transcribed Image Text:

Item 577 Units Cost Oct. 6 Purchase 1 $ 88 19 Purchase 1 85 24 Purchase 1 82 Total $255 Average cost per unit $ 85 ($255/3 units)