Three Identical Units of Merchandise Were Purchased During March, as Shown

Essay

Three identical units of merchandise were purchased during March, as shown: $$\begin{array} { | c | l | l | l | } \hline & { \text { Steele Plate } } & \text { Units } & \text { Cost } \\\hline \text { Mar. } 3 & \text { Purchase } & 1 & \$ 830 \\\hline 10 & \text { Purchase } & 1 & 840 \\\hline 19 & \text { Purchase } & 1 & 880 \\\hline \text { Total } & & 3 & \$ 2,550 \\\hline\end{array}$$ 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 and b) LIFO.