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Determine the gross profit for July and ending inventory

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Question - The following three identical units of item ABC are purchased during July:

Item ABC Units Cost

July 9 Purchase 1 $30

July 16 Purchase 1 40

July 27 Purchase 1 50

Total 3 $120

Average cost per unit $40

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: EM132708348

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