(Answered) Problem - three identical units of merchandise were

Accounting

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.

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