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Turner Corporation acquired two inventory items at a lump-sum cost of $120,000. The acquisition included...

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Accounting

Turner Corporation acquired two inventory items at a lump-sum cost of $120,000. The acquisition included 3,000 units of product LF, and 7,000 units of product 1B. LF normally sells for $30 per unit, and 1B for $10 per unit. If Turner sells 1,000 units of LF, what amount of gross profit should it recognize? $20,000. $24,500. $2,500. $7,500.

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