Three identical units of Item T4W are purchased during July, as shown below.

Assume that one unit is sold on July 28 for $150.
Determine the gross profit for July and ending inventory on July 31 using the
(a) First in, first-out (FIFO);
(b) Last-in, first-out (LIFO);
(c) Average costmethods.

Transcribed Image Text:

ltem T4W sCost S115 118 121 5354 Units Purchase Purchase Purchase uly 6 19 24 Total Average cost per unit $118 (5354/3 units)