Three identical units of merchandise were purchased during July, as follows: Date July 3 Product T Units Cost Purchase 1 $33.00 10 Purchase 1 36.00 24 Purchase 1 39.00 Total 3 Average cost per unit $108.00 $36.00 Assume one unit sells on July 28 for $51.00. 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. a) First-in, first-out b) Last-in, first-out c) Average Gross Profit Cost of Merchandise Sold Ending Inventory 18 33 75 12 39 69 15 $ 36 $ 72