A Company Just Starting in Business Purchased Three Merchandise Inventory

question 88

Multiple Choice

A company just starting in business purchased three merchandise inventory items at the following prices.March 2, $150; March 7, $160; and March 15, $180.If the company sold two units for $250 each on March 10 and March 20, and used the FIFO cost formula in a perpetual inventory system, the gross profit for March would be

• A)$200.
• B)$190.
• C)$180.
• D)$150.

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