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

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Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $29.00 10 Purchase 1 32.00 24 Purchase 1 35.00 Total 3 $96.00 Average cost per unit $32.00 Assume one unit sells on July 28 for $46.00. 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. Gross Profit Cost of Merchandise Sold Ending Inventory a) First-in, first-out $ $ b) Last-in, first-out $ $ c) Average $ $

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