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

Date Product T Units Cost

July 3 Purchase 1 $35.00

10 Purchase 1 38.00

24 Purchase 1 41.00

Total 3 $114.00

Average cost per unit $38.00

Assume one unit sells on July 28 for $53.00.

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 $ ____________ $______________ $______________