Redlands, Inc. had no inventory to start the period. The firm made the following purchases:

Purchase	# of units	Unit Cost
1	2	$2
2	2	$3
3	2	$5

Redlands, Inc. sold 4 items of inventory for $7 each during the period.

Required: Compute gross profit and ending inventory under the weighted average, FIFO, and LIFO inventory costing methods.

	Weighted Average		FIFO		LIFO
Beginning inventory
Purchases (6 units)
Goods available for sale (6 units)
Ending inventory (2 units)
Cost of goods sold (4 units)

	Weighted Average		FIFO		LIFO
Income Statement:
Sales
Cost of goods sold
Gross profit
Balance Sheet:
Inventory