question 20

Three identical units of merchandise were purchased during July, as follows:

Date	Product T	Units	Cost
July 3	Purchase	1	$20
10	Purchase	1	23
24	Purchase	1	26
	Total	3	$69
	Average cost per unit		$23

Assume one unit sells on July 28 for $34.

Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.

	Gross Profit		Cost of Goods Sold		Ending Inventory
a. First-in, first-out	$fill in the blank 1		$fill in the blank 2		$fill in the blank 3
b. Last-in, first-out	$fill in the blank 4		$fill in the blank 5		$fill in the blank 6
c. Average	$fill in the blank 7		$fill in the blank 8		$fill in the blank 9