Assume that three identical units of merchandise are purchased during October, as follows: Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the FIFO method.

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Assume that three identical units of merchandise are purchased during October, as follows:  Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the FIFO method.

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The Answer of Assume that three identical units of merchandise are purchased during October, as follows:  Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the FIFO method.

Assume That Three Identical Units of Merchandise Are Purchased During