Three identical units of Item T4W are purchased during July, as shown below.

Assume that one unit is sold on July 28 for \(\$ 150\).
Determine the gross profit for July and ending inventory on July 31 using the

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

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

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

Transcribed Image Text:

Item T4W Units Cost July 6 Purchase $115 19 Purchase 1 118 24 Purchase Total 1311 121 $354 Average cost per unit $118 ($354/3 units)