Three identical units of merchandise were purchased during May,as follows: 
Assume that two units are sold on May 23 for $313 total.Determine the gross profit for May and ending inventory on May 31 using
(a)FIFO,
(b)LIFO,and
(c)average cost methods.
Definitions:
Reasonable Care
The degree of caution and concern an ordinarily prudent and rational person would use in similar circumstances.
Conditional Privilege
A special right, immunity, permission, or benefit given to certain individuals that allows them to make any statements about someone without being held liable for defamation for any false statement made without actual malice.
Defamation
A wrongful act of communicating false statements about a person that injure the person's reputation or good name.
Actual Malice
In defamation, either a person's knowledge that his or her statement or published material is false or the person's reckless disregard for whether it is false.
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