Assume that one unit is sold on may 23 for 153. determine, Ask an Expert

Accounting

Three identical units of Item Magnesium XP are purchased during May, as shown below.

Item Magnesium XP Units Cost
May 3 Purchase 1 $130
May 10 Purchase 1 136
May 19 Purchase 1 142
Total 3 $408

Assume that one unit is sold on May 23 for $153. Determine the gross profit for May and ending inventory on May 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

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