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Three identical units of merchandise were purchased during July, as follows: Date Product T July 3 Purchase 10 Purchase Units Cost 1 $28 1 31

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Three identical units of merchandise were purchased during July, as follows: Date Product T July 3 Purchase 10 Purchase Units Cost 1 $28 1 31 1 34 3 $93 24 Purchase Total Average cost per unit $31 Assume one unit sells on July 28 for $44. 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. Ending Inventory a. First-in, first-out b. Last-in, first-out Gross Profit $ $ Cost of Goods Sold 28 34 c. Average

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