Multiple Choice
A company just starting in business purchased three merchandise 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 $240 and used FIFO costing, the gross profit for the period would be
A) $65.
B) $75.
C) $60.
D) $50.
Correct Answer:
Verified
Correct Answer:
Verified
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