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

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Accounting

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Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $15 10 Purchase 1 18 24 Purchase 1 21 Total 3 $54 Average cost per unit $18 Assume one unit sells on July 28 for $27. 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. Gross Profit Cost of Goods Sold Ending Inventory a. First-in, first-out b. Last-in, first-out c. Average $ $

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