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Determine the gross profit for may and ending inventory

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Reference no: EM131771575

Problem - Three identical units of merchandise were purchased during May, as follows:

 

Magnesium XP

Units

Cost

Mar. 3

Purchase

1

$130

Mar. 10

Purchase

1

136

Mar. 19

Purchase

1

142

 

Total

3

$408

Assume that two units are sold on May 23 for $313. Determine the gross profit for May and ending inventory on May 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

Reference no: EM131771575

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