Question: Inventory information for Cut Above, Inc. is provided below. Sales for the period were 2,000 units at $10 each. The company uses FIFO. Date Number

Inventory information for Cut Above, Inc. is provided below. Sales for the period were 2,000 units
at $10 each. The company uses FIFO.

Date
Number of Units Unit Cost
Jan. 1 Beginning inventory 1000 $3
Jan. 10 purchase 2000 $4
Jan. 15 purchase 1200 $4.25

Determine the gross profit ratio at January 31? 

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