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Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $23.00 10 Purchase 1 26.00 24 Purchase 1 29.00 Total 3 $78.00 Average cost per unit $26.00 Assume one unit sells on July 28 for $38.00. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods. Cost of Goods Sold Ending Inventory a) First-in, first-out Gross Profit b) Last-in, first-out c) Average