Three identical units of item K113 are purchased during July, as shown below.Assume that one unit is sold on July 31 for $225.Determine the gross profit for July and ending inventory on July 31 using the(a) First-in, first-out (FIFO);(b) Last-in, first-out (LIFO) and(c) Average costmethods.

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Item JCO7 Purchase Purchase Purchase Cost Units $160 July 17 17 168 176 26 $504 Total Average cost per unit $168 (5504 + 3 unitst