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Determine the gross profit for july and ending inventory

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The following three identical units of item ABC are purchased during July:
Item ABCUnitsCost July 9Purchase1$30 16Purchase140 27Purchase150 Total3$120 Average cost per unit$40 ($120 ÷ 3 units)

Problem 1: Assume that one unit is sold on July 30 for $64. Determine the gross profit for July and ending inventory on July 31 using the last-in, first out (LIFO) method.

a. Gross profit = $24; ending inventory = $80

b. Gross profit = $34; ending inventory = $90

c. Gross profit = $14; ending inventory = $70

d. Gross profit = $34; ending inventory = $80

Reference no: EM132696929

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