1- Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 151 17 Purchase 1 174 26 Purchase 1

181

Assume that one unit is sold on July 31 for $249. Determine the gross profit for July using the first-in,first-out (FIFO) method.

2- Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 165 17 Purchase 1 176 26 Purchase 1

182

Assume that one unit is sold on July 31 for $244. Determine the ending inventory on July 31 using the first-in,first-out (FIFO) method.

3- Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 153 17 Purchase 1 174 26 Purchase 1

188

Assume that one unit is sold on July 31 for $266. Determine the gross profit for July using the last-in,first-out (LIFO) method.