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Three identical units of merchandise were purchased during July, as follows: begin{tabular}{rlcr} Date & Product Basic H & Units & Cost hline July 3

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Three identical units of merchandise were purchased during July, as follows: \begin{tabular}{rlcr} Date & Product Basic H & Units & Cost \\ \hline July 3 & Purchase & 1 & $35 \\ 10 & Purchase & 1 & 38 \\ 24 & Purchase & 1 & 41 \\ \cline { 2 - 3 } & Total & 3 & $114 \\ \cline { 2 - 3 } & Average cost per unit & & $38 \\ \hline \end{tabular} Assume one unit sells on July 28 for $53. 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. \begin{tabular}{llcc} & Gross Profit & Cost of Goods Sold & Ending Inventory \\ \hline a. First-in, first-out & $ & \\ b. Last-in, first-out & $ & $ \\ c. Weighted average & $ & $ \end{tabular}

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