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

Essay

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