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miskamm [114]
3 years ago
15

A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $60; Sec

ond purchase $67; Third purchase $64. If the company sold two units for a total of $209 and used FIFO costing, the gross profit for the period would be
Business
1 answer:
lys-0071 [83]3 years ago
8 0

Answer:

$82

Explanation:

As company Uses FIFO system, it will sell first two products

The cost price =($60 + $67 = 127).

So Gross profit = Selling Price-Cost Price

Gross Profit = 209-127

= $82

The gross profit for the period is $82

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