Three identical units of merchandise were purchased during July, as follows:

Date	Product T	Units	Cost
July 3	Purchase	1	$17.00
10	Purchase	1	20.00
24	Purchase	1	23.00
	Total	3	$60.00
	Average cost	per unit	$20.00

Assume one unit sells on July 28 for $30.00.

Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.

	Gross Profit	Cost of Goods Sold	Ending Inventory
a) First-in, first-out
b) Last-in, first-out
c) Average