Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $30.00 10 Purchase 1 33.00 24 Purchase 1 36.00 Total 3 $99.00 Average cost per unit $33.00 Assume one unit sells on July 28 for $47.00. 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.

Date         Product          Total Units           Units Cost

July 3      Purchase             1                           $30.00

10            Purchase             1                         33.00

24             Purchase            1                        36.00

                 Total               3                             $99.00

Average cost per unit $33.00

Assume one unit sells on July 28 for $47.00.

Ending Inventory

(a) first-in, first-out, = 1 unit at $ 36+ 1 unit at $ 33= $ 69

(b) last-in, first-out, =1 unit at $ 30+ 1 unit at $ 33= $ 63

(c) average cost flow methods= 2 units at $ 33= $ 66

Cost of Goods Sold

(a) first-in, first-out, = Purchases - FIFO Ending Inventory= $ 99- $ 69= $ 30

(b) last-in, first-out, = Purchases - LIFO Ending Inventory= $ 99- $ 63= $ 36

(c) average cost flow methods=  Purchases - Avg Cost Ending Inventory= $ 99- $ 66= $ 33

Gross Profit

(a) first-in, first-out, = Sales - FIFO CGS= $ 47-$ 30= $17

(b) last-in, first-out, = Sales - LIFO CGS= $ 47- $ 36= $11

(c) average cost flow methods=  Sales - Avg Cost CGS= $ 47-  $ 33= $ 14

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