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.