Cost Flow Methods Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 $178 July 17 Purchase 1 181 July 26 Purchase 1 184 Total 3 $543 Average cost per unit $181 ($543 3 units) Assume that one unit is sold on July 31 for $223. 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.