XYZ Inc. uses the average cost formula in a perpetual inventory system.(Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) 
If XYZ Inc. was using the FIFO cost formula instead of average, gross profit from the June 8 sale would be
Definitions:
Binomial Probability
The probability of obtaining a fixed number of successful outcomes in a fixed number of trials in a binomial experiment.
Odds
The ratio of the probability of an event happening to the probability of it not happening; in gambling, it represents the amount won relative to the stake.
Unfriended
The act of removing someone from one's social networking friends list.
Probability
The quantification of the chance of an event happening, represented as a number from 0 to 1, with 0 meaning the event is impossible and 1 meaning the event is certain.
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