FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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  1. Three identical units of merchandise were purchased during March, as shown:

        Steele Plate Units   Cost
    Mar. 3   Purchase 1   $ 830
    10   Purchase 1   840
    19   Purchase 1   880
    Total     3   $2,550

    Assume that one unit is sold on March 23 for $1,125. What is the gross profit for March using FIFO?

    a.$1,670
    b.$295
    c.$245
    d.$1,720
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