Multiple Choice
A company just starting in business purchased three inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $260 and used FIFO costing, the gross profit for the period would be
A) $85.
B) $95.
C) $80.
D) $70.
Correct Answer:
Verified
Correct Answer:
Verified
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