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

question 66

Essay

Three identical units of merchandise were purchased during March,as shown:
$\begin{array}{|l|l|c|c|}\hline & {\text { SteelePlate }} & \text { Units } & \text { Cost } \\\hline \text { Mar. } 3 & \text { Purchase } & 1 & \$ 830 \\\hline 10 & \text { Purchase } & 1 & 840 \\\hline 19 & \text { Purchase } & \underline{1} & \underline{880} \\\hline \text { Total } & & \underline{3} & \underline{\$ 2.550} \\\hline\end{array}$
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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