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Inventory Information for Cut Above,Inc

Question 24

Multiple Choice

Inventory information for Cut Above,Inc.is provided below.Sales for the period were 2,000 units at $10 each.The company uses FIFO. Inventory information for Cut Above,Inc.is provided below.Sales for the period were 2,000 units at $10 each.The company uses FIFO. Determine the gross profit ratio at January 31. A) 60% B) 65% C) 40% D) 57.5% Determine the gross profit ratio at January 31.


A) 60%
B) 65%
C) 40%
D) 57.5%

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