Three identical units of Item K113 are purchased during July, as shown below.
|
|
Item K113 |
Units |
Cost |
| July |
9 |
Purchase |
1 |
155 |
|
17 |
Purchase |
1 |
178 |
|
26 |
Purchase |
1 |
181
|
Assume that one unit is sold on July 31 for $272. Determine the gross profit for July using the last-in,first-out (LIFO) method.