A company just starting in business purchased three - 2841

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UoPExpert

UoPExpert

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  • Posted on: Wed 21 Mar, 2012
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Request Description

 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.

Solution Description

A company just starting in business purchased t