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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 1

Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost

July 9 Purchase 1 163

17 Purchase 1 168

26 Purchase 1 184

Assume that one unit is sold on July 31 for $238. Determine the gross profit for July using the last-in,first-out (LIFO) method.

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