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- in case if you need to read the chapter 5 :

Book name : fundamental financial accounting concepts 7 edition. Chapter 5

Demonstration Problem 5-1 Inventory Cost Issue A furniture store inventory includes two beds that are identical with respect to appearance, quality, and brand name. However, the store purchased the beds at different times for differ ent prices. The first bed cost the store $400, and the second bed cost $450. Assume the store sells one of the beds for $600. Also assume the store manager cannot identify which bed was sold Required Determine the gross margin on the sale of the bed