Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $37.00 10 Purchase 1 40.00 24 Purchase 1 43.00 Total 3 $120.00 Average cost per unit $40.00 Assume one unit sells on July 28 for $56.00. Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods. Gross Profit Cost of Merchandise Sold Ending Inventory a) First-in, first-out b) Last-in, first-out $ $ c) Average $