Use the following information for the month of July for questions. 
-If ABC Inc. used the average cost formula instead of FIFO, gross profit from the July 8 sale would be
Definitions:
Single-Parent Household
A household in which one parent is responsible for raising child(ren) without the presence of a spouse or partner.
Family Function
The roles and operations within a family unit, including emotional support, socioeconomic provision, and upbringing of children.
Household Members
Individuals who occupy the same residential unit and share living arrangements, which may or may not be related by blood or marriage.
Physical Custody
A legal term referring to with whom a child lives and the arrangements for taking care of the child's daily needs.
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