Three identical units of merchandise were purchased during March, as shown: 
Assume that one unit is sold on March 23 for $1,125. What is the gross profit for March using FIFO?
Definitions:
Total Liabilities
The sum of all financial obligations (debts and other liabilities) a company owes to outside parties.
Pro Forma Net Income
An estimate of a company's net income excluding non-recurring items, projecting future earnings based on certain assumptions or adjustments.
Profit Margin
A profitability ratio calculated as net income divided by revenue, showing the percentage of revenue that remains as profit after expenses.
Sales Increase
Refers to the rise in the amount of goods or services sold by a company over a specific period, showcasing business growth.
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