Three identical units of merchandise were purchased during July, as follows: Date Product Basic H Units Cost July 3 Purchase $27 10 Purchase 30 24 Purchase 33 Total 1 1 1 a. First-in, first-out b. Last-in, first-out c. Weighted average 3 Average cost per unit Assume one unit sells on July 28 for $43. $90 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. Gross Profit $30 Cost of Goods Sold Ending Inventory DU

Three identical units of merchandise were purchased during July, as follows: Assume one unit selis on July 28 for $43. Determine the gross profit, cost of goods sold, and ending inventory on July 3s using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods