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:
Market Price
Market price is the current price at which an asset or service can be bought or sold in an open and competitive market.
Book Value
The net value of a company's assets minus its liabilities, as recorded on its balance sheet.
Dividend Market Equilibrium
A state in the stock market where the supply of stocks a company is willing to sell at a certain dividend yield equals the demand.
Low Dividend Policy
A strategy where a company decides to distribute a smaller portion of its earnings in the form of dividends to retain more capital for growth.
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