Alta had beginning inventory of 100 units at $10 each. The purchase price increased steadily...
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Accounting
Alta had beginning inventory of 100 units at $10 each. The purchase price increased steadily during the period. Purchases during the period were 200 at $11 each, 300 at $13 each, and 150 at $15 each. Sales were 500 units at $20. Using periodic FIFO: Cost of goods sold is 6,223 Gross profit is 4,200 Ending inventory is 2,650 All of the above None of the above
Not sure if Im doing this right, think the answer is: Gross profit is 4,200
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