Monday 4 June 2012

A company just starting in business purchased three merchandise


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.

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