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Question Content Area Three identical units of merchandise were purchased during March, as shown: Steele Plate Units Cost Mar. 3 Purchase 1 $830 10 Purchase

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Three identical units of merchandise were purchased during March, as shown:

Steele Plate Units Cost
Mar. 3 Purchase 1 $830
10 Purchase 1 840
19 Purchase 1 880
Total 3 $2,550

Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

Gross Profit Ending Inventory
a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2
b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4
c. Average cost $fill in the blank 5

$fill in the blank 6

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