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Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $33 10 Purchase 1

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Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $33 10 Purchase 1 36 24 Purchase 1 39 Total 3 $108 $36 < Average cost per unit Assume one unit sells on July 28 for $51. 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

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