A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $64: Second purchase $76; Third purchase $68. If the company sold two units for a total of $200 and used FIFO costing, the gross profit for the period would be O $56. O $60. O $62. O $68.
A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $64: Second purchase $76; Third purchase $68. If the company sold two units for a total of $200 and used FIFO costing, the gross profit for the period would be O $56. O $60. O $62. O $68.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $64: Second
purchase $76; Third purchase $68. If the company sold two units for a total of $200 and used FIFO costing, the gross profit for the
period would be
O $56.
O $60.
O $62.
O $68.
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