hree identical units of Item K113 are purchased during July, as shown below Item K113 Units Cost July 9 Purchase 1 151 17 Purchase 1 177 26 Purchase 1 184 Assume that one unit is sold on July 31 for $249 Determine the gross profit for July using the last in,first out (LIFO) method

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hree identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 151 17 Purchase 1

hree identical units of Item K113 are purchased during July, as shown below.

		Item K113	Units	Cost
July	9	Purchase	1	151
	17	Purchase	1	177
	26	Purchase	1	184

Assume that one unit is sold on July 31 for $249. Determine the gross profit for July using the last-in,first-out (LIFO) method.

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