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

Item K113 Units Cost July 9 Purchase 1 16617 Purchase 1 17026 Purchase 1

181

Assume that one unit is sold on July 31 for $228. Determine the ending inventory on July 31 using the first-in,first-out (FIFO) method.

Question 3

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

Item K113 Units Cost July 9 Purchase 1 16417 Purchase 1 17826 Purchase 1

182

Assume that one unit is sold on July 31 for $266. Determine the gross profit for July using the last-in,first-out (LIFO) method.

Question 4

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

Item K113 Units Cost July 9 Purchase 1 15017 Purchase 1 16826 Purchase 1

192

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

Question 5 Points

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

Item K113 Units Cost July 9 Purchase 1 15417 Purchase 1 17126 Purchase 1

197

Assume that one unit is sold on July 31 for $250. Determine the ending inventory on July 31 using the average cost method. (Round to the nearest whole dollar)