Question: question #34 Lott Co. had one unit in beginning inventory that cost $5 Lompold cash to purchase two additional Inventory tems. The first item was

question #34 Lott Co. had one unit in beginning inventory that cost $5 Lompold cash to purchase two additional Inventory tems. The first item was purchased at a cost $6, and the second cost $7.lott Co. sold two inventory Items for $10 each, receiving cash. Based on this information alone, indicate whether the following statement is true or false. The amount of gross margin would be $9 assuming the FIFO cost flow was used. True or False True False

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