The following three identical units of item ABC are purchased during July: Units Cost Item ABC Purchase July 9 1 $31 16 Purchase 1 42 27 Purchase 53 1 3 Total $126 Average cost per unit $42 (9126 = 3 units) Assume that one unit is sold on July 30 for $62. Determine the gross profit for July and ending inventory on July 31 using the last-in, first out (LIFO) method. O a. Gross profit = $31; ending inventory = $95 Ob. Gross profit = $9; ending inventory = $73 Oc. Gross profit = $31; ending inventory = $84 O d. Gross profit = $20; ending inventory = $84