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1st purchase price = $20 2nd purchase price = $22 3rd purchase price = $27 Selling price = $40 Use FIFO to find: Gross profit

1st purchase price = $20 2nd purchase price = $22 3rd purchase price = $27 Selling price = $40 Use FIFO to find: Gross profit ___________ and Ending Inventory______________

Use LIFO to find: Gross profit ___________ and Ending Inventory______________

Use Weighted average to find: Gross profit __________ and Ending inventory ____________

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