Three identical units of merchandise were purchased during july, as follows: date product t units cost july 3 purchase 1 $21.00 10 purchase 1 24.00 24 purchase 1 27.00 total 3 $72.00 average cost per unit $24.00 assume one unit sells on july 28 for $35.00. 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.
2.gross profit cost of merchandise sold ending inventory
a) first-in, first-out $ $ $
b) last-in, first-out $ $ $
c) average $ $ $