The Marci Manufacturing Co. was organized in 2011 to produce a single product. The company's production and sales records for the period 2011-2013 are summarized below.

All units produced in a given year are assigned the same average cost.
Instructions: Calculate the gross profit for each of the three years assuming that inventory values are calculated in terms of:
1. LIFO
2. FIFO

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Units Produced Sales No. of Units Production Costs No. of Units Sales Revenue $198,000 201,500 179,800 250,000 300,000 270,000 $200,000 255,000 10,000 25,000