Three identical units of merchandise were purchased during March, as shown:

		Steele Plate	Units	Cost
Mar. 3		Purchase	1	$830
10		Purchase	1	840
19		Purchase	1	880
		Total	3	$2,550

Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

	Gross Profit		Ending Inventory
a. First-in, first-out (FIFO)	$		$
b. Last-in, first-out (LIFO)	$		$
c. Average cost	$		$

Using the lower of cost or market, what should the total inventory value be for the following items:

Item	Inventory Quantity	Cost per Unit	Market Value per Unit	Total Cost Price	Total Market Price	Lower of Cost or Market
A	177	$4	$6	$708	$1,062	$
B	106	$16	$12	$1,696	$1,272	$
C	32	$22	$25	$704	$800	$
						$