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,
(b)LIFO,and
(c)average cost methods.
Definitions:
Tariff
A tax imposed by a government on goods and services imported from other countries, affecting trade.
Voluntary Quota
A self-imposed limit on the quantity of goods a country exports or imports.
Elasticity of Supply
A measure of how much the quantity supplied of a good changes in response to a change in the price of that good.
Price Elasticity
The degree to which the demand for a good is responsive to changes in its price.
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