PROBLEM 14: MMM Company started operations in 2019. The following data are abstracted from the company's production and sales records: 2019 2020 2021 Number of units 120,000 produced Number of units sold 116,250 108,750 5.20 101,250 75,000 97,500 P 4.50 Unit production cost Sales revenue P 5.80 600,000 900,000 975,000 19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:

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