Question: Question A XYZ Inc. uses the average cost formula in a perpetual inventory system. (Use unrounded numbers in your calculations but round to the nearest

Question A XYZ Inc. uses the average cost formula in a

Question A XYZ Inc. uses the average cost formula in a perpetual inventory system. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) Jun 1 Beginning inventory 20 units @ $19.00 per unit Jun 5 Purchase 100 units @ $22.00 per unit Jun 8 Sale 70 units Jun 9 Purchase 80 units @ 22.31 per unit Jun 10 Sale 25 units Jun 22 Sale 40 units If XYZ Inc. was using the FIFO cost formula instead of average, gross profit from the June 8 sale would be (a) higher. (b) lower (c) the same. (d) cannot be determined

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