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Determine what the gross profit for the period would be

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Problem 1: A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $65; Second purchase $80; Third purchase $70. If the company sold 2 units for a total of $230 and used FIFO costing, the gross profit for the period would be

  1. $85.
  2. $95.
  3. $70.
  4. $80.

Reference no: EM132477417

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