Frederick Osei: Attempt 1 Question 10 (3 points) Using the following information, what is the amount of gross profit? Purchases $44,000 Merchandise inventory, September 1 6,000 Selling expense 1,050 Merchandise inventory, September 30 6,800 Sales 88,000 Interest expense 1,140 Administrative expense 1,510 Rent revenue 1,300 Your Answer: Answer Question 11 (3 points) The following units of an inventory item were available for sale during the year: Unit Unit Cost Beginning inventory 10 $55 First purchase 26 60 Second purchase 34 Third purchase 18 70 The firm uses the periodic inventory system. During the year, 61 units of the item were sold. The value of ending inventory using FIFO is Your