me CengageNOW2 | Online teachin x Assignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator &inprogress=false Three identical units of merchandise were purchased during May, as follows: Magnesium Xp Units Cost May 3 Purchase: I $130 10 Purchase 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) LIFC average cost methods. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Average cost Gross Profit Ending Inventory Previous Next 12