Concord's Used Cars uses the specific identification method of costing inventory. During March, Concord purchased three cars for $12700, $14600, and $19600, respectively. During March, two cars are sold for a total of $35300. Concord determines that at March 31, the $14600 car is still on hand. What is Concord’s gross profit for March? $1100. $8000. $2200. $3000.
Concord's Used Cars uses the specific identification method of costing inventory. During March, Concord purchased three cars for $12700, $14600, and $19600, respectively. During March, two cars are sold for a total of $35300. Concord determines that at March 31, the $14600 car is still on hand. What is Concord’s gross profit for March? $1100. $8000. $2200. $3000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concord's Used Cars uses the specific identification method of costing inventory. During March, Concord purchased three cars for $12700, $14600, and $19600, respectively. During March, two cars are sold for a total of $35300. Concord determines that at March 31, the $14600 car is still on hand. What is Concord’s gross profit for March?
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$1100. |
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$8000. |
|
$2200. |
|
$3000. |
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