Question: Question 7 10 pts Using FIFO, what is gross margin? Purchase $ per Date Activity Units unit Beginning 875 $48 1-Jan balance Total cost $42,000

Question 7 10 pts Using FIFO, what is gross margin? Purchase

Question 7 10 pts Using FIFO, what is gross margin? Purchase $ per Date Activity Units unit Beginning 875 $48 1-Jan balance Total cost $42,000 10-Jan Purchased 630 $46 $28,980 13-Feb Purchased 940 $52 $48,880 Cost of goods available for sale $119,860 Units available for sale 2.445 Selling $ per Unitsunit J15-Feb Sold 1.825$75 O $47,409 O $49,255 $46,775 O $45,995

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