Q50)This multible choice question from ACCOUNTING PRINCIPLES I.just write for me the final answer. 50Used Cars Company uses the specific identification method of costing inventory. DuringMarch, 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 atMarch 31, the $8,000 car is still on hand. What is the Company's gross profit for March?a. $6,000O b. $9,000O . $4,000O d. $3,000

Cost of goods sold =Opening stock +Purchases -Closing stock=$5000 +$6000+$8000 -$8000=$11000 Sale…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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