Three identical units of merchandise were purchased during March, as shown:
Steele Plate
Units Cost
1
$830
1
840
Mar. 3 Purchase
10 Purchase
19 Purchase
Total
$2,550
Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a)
FIFO, (b) LIFO, and (c) average cost methods.
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Average cost