Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost

July 3 Purchase 1 $20.00

10 Purchase 1 23.00

24 Purchase 1 26.00

Total 3 $69.00 Average cost per unit $23.00 Assume one unit sells on July 28 for $34.00.

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.