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Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 116017 Purchase 117926 Purchase 1 196 Assume that one unit is sold on July 31 for $252. Determine the gross profit for July using the last-in, first-out (LIFO) method. Add your answer Question 4 Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 115417 Purchase 117826 Purchase 1 195 Assume that one unit is sold on July 31 for $246. Determine the ending inventory on July 31 using the last-in, first-out (UFO) method