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Question
Three identical units of merchandise were purchased during May, as follows:
| Units | Cost | ||
| May 3 | Purchase | 1 | $130 |
| 10 | Purchase | 1 | 136 |
| 19 | Purchase | 1 | 142 |
| Total | 3 | $408 |
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) weighted average cost methods.
Answer
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