On July 1, 2020, Hatter Industries has 200 units of its main inventory product with a per-unit cost of $500. Its inventory records report the following transactions for the month of July:

	Units	Unit Cost	Total Cost
Beginning Inventory	200	$ 500.00	$ 100,000.00
Purchase #1, July 4	250	$ 550.00	$ 137,500.00
Purchase #2, July 15	100	$ 600.00	$ 60,000.00
Purchase #3, July 26	60	$ 650.00	$ 39,000.00
Total	610		$ 336,500.00

Hatter sold 500 units in July at an average price of $1,000 per unit.

Instructions:

1. Determine how many units remained in inventory on July 31, assuming none were lost or damaged. Answer in complete sentences (or one sentence), explaining or showing any calculations.

2. Calculate the cost of goods sold for the month of July and the August 31 ending inventory balance for this product, assuming Hatter uses each of the following inventory methods:

1. FIFO
2. LIFO
3. Average cost

Calculate the gross profit margin dollars and percentage assuming each of the three inventory cost flow assumptions are used