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

Question 156

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Three identical units of merchandise were purchased during March,as shown:
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Three identical units of merchandise were purchased during March,as shown: ​ ​ 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. 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.

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