Three identical units of merchandise were purchased during July, as follows: Date July 3 10 24 Total Units Product T Purchase Purchase Purchase Cost $31.00 34.00 37.00 $102.00 $34.00 Average cost per unit Assume one unit sells on July 28 for $48.00 Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods. Gross Profit Cost of Merchandise Sold Ending Inventory a) First-in, first-out b) Last-in, first-out c) Average