Three identical units of Item LO3V are purchased during July, as shown below.

	Item LO3V		Units		Cost
July 9	Purchase		1		$201
July 17	Purchase		1		203
July 26	Purchase		1		205
Total			3		$609
Average cost per unit					$203	($609 3 units)

Assume that one unit is sold on July 31 for $250. Determine the gross profit for July and ending inventory on July 31 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.