Given the Following Information, What Would the Gross Margin Be

question 38

Multiple Choice

Given the following information, what would the gross margin be for the December 15 sale under the FIFO method in a perpetual inventory system? $$\begin{array} { | c | l | } \hline \text { Dates } & \text { Units of Inventory } \\\hline \text { Opening Inventory } & 200 \text { units at } \$ 5.00 \\\hline \text { Purchases: } & \\\hline\text { April } 12 & 300 \text { units at } \$ 5.10 \\\hline \text { July 7 } & 400 \text { units at } \$ 5.25 \\\hline \text {Sales: } \\\hline \text { August } 12 &100 \text { units at } \$ 8.00 \\\hline \text { December } 15 & 500 \text { units at } \$ 8.20 \\\hline\end{array}$$

• A)$1,813
• B)$1,845
• C)$1,785
• D)$3,055

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