Three identical units of merchandise were purchased during July, as follows:

Date	Product T	Units	Cost
July 3	Purchase	1	$23.00
10	Purchase	1	26.00
24	Purchase	1	29.00
	Total	3	$78.00
	Average cost	per unit	$26.00

Assume one unit sells on July 28 for $38.00.

Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.

	Gross Profit	Cost of Goods Sold	Ending Inventory
a) First-in, first-out	$	$	$
b) Last-in, first-out	$	$	$
c) Average	$	$	$