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  1. business
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  3. three identical units of merchandise were purchase

Three identical units of merchandise were purchased during May, as follows:DateMagnesium XPUnitsCostMar. 3Purchase1$13010Purchase113619Purchase1142Total3$408Assume that two...

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Accounting

Three identical units of merchandise were purchased during May, as follows:DateMagnesium XPUnitsCostMar. 3Purchase1$13010Purchase113619Purchase1142Total3$408Assume that two units are sold on May 23 for $313 total. Determine the gross profit for May and ending inventory on May 31 using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.Line Item DescriptionGross ProfitEnding Inventorya. First-in, first-out (FIFO)$fill in the blank 1$fill in the blank 2b. Last-in, first-out (LIFO)$fill in the blank 3$fill in the blank 4c. Weighted average cost$fill in the blank 5$fill in the blank 6PreviousNext

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