en OLT Spring 2021 CO My Home CengageNOWV2 Online teaching and learning resource from Ceng Three identical units of merchandise were purchased during May, as follows: Units Cost Mar 3 Magnesium XP Purchase Purchase 1 $130 10 1 136 19 Purchase 1 142 Total 3 $408 Assume that two units are sold on May 23 for $313. Determine the gross profit for. May and ending inventory on May 31 using (a) FIFO, (b) LIFO, and (c) average cost methods. Gross Profit Ending Inventory a. First-In, first-out (FIFO) b. Last-in, first-out (LIFO) C. Average cost