He bought it

Why is the term 'he bought it' used (especially in gangster movies) to mean he was killed (usually got shot, murdered, etc)? Is it some sort of abherration of 'bit the bullet'? Although bought is not a variation on bit or bite.

Perhaps it's short for 'bought the farm'? If our past discussions of the origin of 'bought the farm' are correct, it seems the right time frame for most gangster movies, i.e. the 'roaring 20's'.

Just a thought.

Camel