Given the Following Data, What Is the Gross Margin If

question 62

Multiple Choice

Given the following data, what is the gross margin if cost of goods sold is determined using the FIFO periodic method? $\begin{array} { | l | l | } \hline \text { Sales revenue } & 200 \text { units at } \$ 20 \text { per unit } \\\hline \text { Beginning inventory } & 60 \text { units at } \$ 12 \text { per unit } \\\hline \text { Purchases } & 210 \text { units at } \$ 13 \text { per unit } \\\hline\end{array}$

• A)$2,540
• B)$1,460
• C)$1,400
• D)$1,390

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Definitions:

Theater Manager

A professional responsible for overseeing the daily operations of a theater, including scheduling performances, managing staff, and ensuring the theater's financial viability.

Physical Possession

The direct, physical control or holding of an object or property by an individual or entity.

Bill of Lading

A legal document issued by a carrier to a shipper, detailing the type, quantity, and destination of the goods being transported.

Document of Title

A legal document evidencing the right to control the disposition of goods, such as a bill of lading or warehouse receipt.