Using different methods lead to different results. We will see from the illustration below. 1 July 1000 units bought at $20 each (Opening inventory) 3 July bought 3000 units at $21 each 5 July sold 500 units for $50 each 19 July bought 1000 units at $23 each 23 July sold 1500 units for $50 each Required: (a) Calculate the value of closing inventory at the end of July using FIFO, LIFO, AVCO. (b) Calculate the gross profit for July using each of the methods.