A company just starting in business purchased three merchandise inventory - 8111

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Price: $1.25
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  • Posted on: Tue 17 Apr, 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