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Assume that three identical units of merchandise are purchased during October, as follows:

Date Line Item Description Units Cost

Oct. $5$ Purchase $1$ $$5$

$12$ Purchase $113$

$28$ Purchase $115$

Total $3$ $$33$

Assume one unit is sold on October $31$ for $$28.$ Determine cost of goods sold, gross profit, and ending inventory using the FIFO method.

Line Item Description October $31$

Sales $ fill in the blank $1$

Cost of Goods Sold fill in the blank $2$

Gross Profit $fill in the blank $3$

Ending Inventory