Multiple Choice
A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $64; Second purchase $76; Third purchase $68. If the company sold two units for a total of $200 and used FIFO costing, the gross profit for the period would be
A) $56.
B) $60.
C) $62.
D) $68.
Correct Answer:
Verified
Correct Answer:
Verified
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