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Use the Following Information for the Month of July for Questions

Question 73

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Use the following information for the month of July for questions
ABC Inc.uses the FIFO cost formula in a perpetual inventory system.
Use the following information for the month of July for questions ABC Inc.uses the FIFO cost formula in a perpetual inventory system. -If ABC Inc.used the average cost formula instead of FIFO, gross profit from the July 8 sale would be A) higher. B) lower. C) the same. D) cannot be determined.
-If ABC Inc.used the average cost formula instead of FIFO, gross profit from the July 8 sale would be


A) higher.
B) lower.
C) the same.
D) cannot be determined.

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