Assume that three identical units of merchandise were purchased during October, as follows:

		Units	Cost
Oct. 5	Purchase	1	$5
12	Purchase	1	13
28	Purchase	1	15
Total		3	$33

Assume one unit is sold on October 31 for $28. Determine cost of merchandise sold, gross profit, and ending inventory under the average cost method.

	October 31
Sales	$
Cost of Merchandise Sold	$
Gross Profit	$
Ending Inventory	$