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Used Cars Company uses the specific identification method of costing inventory. During March, the Company purchased three cars for $5,000, $6,000, and $8,000, respectively. During March, two cars are sold for $8,500 each. The Company determines that at March 31, the $8,000 car is still on hand. What is the Company's gross profit for March? O a. $6,000 O b. $9,000 O c. $4,000 O d. $3,000

Used Cars Company uses the specific identification method of costing inventory. During March, the Company purchased three cars for $5,000, $6,000, and $8,000, respectively. During March, two cars are sold for $8,500 each. The Company determines that at March 31, the $8,000 car is still on hand. What is the Company's gross profit for March? O a. $6,000 O b. $9,000 O c. $4,000 O d. $3,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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50 Used Cars Company uses the specific identification method of costing inventory. During March, the Company purchased three cars for $5,000, S6,000, and $8,000, respectively. During March, two cars are sold for $8,500 each. The Company determines that at March 31, the $8,000 car is still on hand. What is the Company's gross profit for March? a. $6,000 O b. $9,000 O . $4,000 O d. $3,000
Transcribed Image Text:50 Used Cars Company uses the specific identification method of costing inventory. During March, the Company purchased three cars for $5,000, S6,000, and $8,000, respectively. During March, two cars are sold for $8,500 each. The Company determines that at March 31, the $8,000 car is still on hand. What is the Company's gross profit for March? a. $6,000 O b. $9,000 O . $4,000 O d. $3,000
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