Cost Flow Methods Three identical units of Item JC07 are purchased during July, as shown below. Item JC07 Units Cost

July 9 Purchase 1 $258

July 17 Purchase 1 259

July 26 Purchase 1 260

Total 3 $777 Average cost per unit $259 ($777 3 units) Assume that one unit is sold on July 31 for $365. 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 $ $