Three identical units of merchandise were purchased during July, as follows: Date Product Basic H July 3 Purchase 10 Purchase 24 Purchase Total Units Cost a. First-in, first-out b. Last-in first-out c. Weighted average 1 1 1 3 Average cost per unit Assume one unit sells on July 28 for $52. b $34 37 Determine the gross profit, cost of goods sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods. 40 $111 $37 Gross Profit Cost of Goods Sold DELL h 8 7 j Ending Inventory S S $5 0 k P Next Submit Test for Grading ctrl + 11