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

Three identical units of merchandise were purchased during July, as follows:
Date Product Basic H Units Cost
July 3 Purchase 1 $31
10 Purchase 134
24 Purchase 137
Total 3 $102
Average cost per unit $34
Assume one unit sells on July 28 for $48.
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.
Line Item Description Gross Profit Cost of Goods Sold Ending Inventory
a. First-in, first-out $fill in the blank 1
$fill in the blank 2
$fill in the blank 3
b. Last-in, first-out $fill in the blank 4
$fill in the blank 5
$fill in the blank 6
c. Weighted average $fill in the blank 7
$fill in the blank 8
$fill in the blank 9

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