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Three Identical Units of Merchandise Were Purchased During May, as Follows

Question 123

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Three identical units of merchandise were purchased during May, as follows:
​ Three identical units of merchandise were purchased during May, as follows: ​ ​ Assume that two units are sold on May 23 for $313 total. Determine the gross profit for May and ending inventory on May 31 using (a) FIFO, (b) LIFO, and (c) average cost methods. ​
Assume that two units are sold on May 23 for $313 total. Determine the gross profit for May and ending inventory on May 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

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