1 answer

Store supplies inventory Question 2 2 pts A company just starting in business purchased three merchandise...

Question:

store supplies inventory Question 2 2 pts A company just starting in business purchased three merchandise inventory items at
store supplies inventory Question 2 2 pts A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $65; Second purchase $78; Third purchase $68. If the company sold two units for a total of $200 and used FIFO costing, the gross profit for the period would be $55 $57 O O $62 O $68 Question 3 2 pts At May 1, 2016, Bibby Company had beginning

Answers

Here FIFO is being used and so the 1st two purchases will be considered as sold.

Thus cost of goods sold = 65+78 = $143

Gross profit = sales – cost of goods sold

= 200 – 143

= $57

Thus the answer is the 2nd option i.e. $57

.

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