Three identical units of merchandise were purchased during July, as follows: Units Date June 10 24 Product Basic H1 Purchase Purchase Purchase Total Cost 5.30 3 32 3 591 Average cost permit 70% Assume obe unit sells on June 28 for $44. Determine the gross profit, cost of goods sold, and ending inventory on June 30 using (6) first- first-out, (b) last-in, first-out, and (c) average cost flow methods July 31, 20XX FIFO LIFO Weighted Average Sale Price Cost of Goods Sold Gros Profit Ending livestory Assuming a perpetual inventory system and the last-in, first-out method, determine the entry on December 31 and (b) the cost of the goods sold for December Dec Purchased 600 units 560 each 4 Sold 200 units 11 Purchased 350 units 562 each 12 Sold 275 units Purchased 175 units $64 each 23 Sold 155 units