Cost Flow Methods Three identical units of Item K113 are purchased during July, as shown below. Item K113 Purchase Purchase Purchase Units Cost July 9 July 17 July 26 Total Average cost per unit Assume that one unit is sold on July 31 for $329. 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 $258 259 260 $777 $259(7773 units) Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost