Three identical units of merchandise were purchased during March, as shown: Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO and (b) LIFO.

Question

Three identical units of merchandise were purchased during March, as shown:  Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO and (b) LIFO.

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The Answer of Three identical units of merchandise were purchased during March, as shown:  Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO and (b) LIFO.

Three Identical Units of Merchandise Were Purchased During March, as Shown