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Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 163 17 Purchase

Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 163 17 Purchase 1 170 26 Purchase 1 194 Assume that one unit is sold on July 31 for $248. Determine the gross profit for July using the first- in, first-out (FIFO) method.

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