Merchandise inventory items problem

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Reference no: EM13148419

A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be:

A. $65

B. $60

C. $75

D. $50

Reference no: EM13148419

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