Cost Flow Methods Three identical units of Item JC07 are purchased during July, as shown below July 9 uly 17 uly 26 Total Average cost per unit Item JC07 Purchase Purchase Purchase Units Cost $106 107 108 $321 $107 ($321 3 units) Assume that one unit is sold on July 31 for $131. Determine the gross profit for July and ending inventory on July 31 using the (a) first-in, first-out (FIFO); (b) last-in, first- out (LIFO); and (c) weighted average cost methods Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost