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?
A) $245
B) $295
C) $1,670
D) $1,720

Name: 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? A) $245 B) $295 C) $1,670 D) $1,720
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Question

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?
A) $245 
B) $295 
C) $1,670 
D) $1,720

Quizplus · Accepted Answer

Gross profit (FIFO): $295 ($1,125 - $830)

Three Identical Units of Merchandise Were Purchased During March, as Shown