Question: The inventory data for an item sold by Able Co. for November is as follows: Nov. 1 Inventory 10 Purchase 20 Purchase 55 units

The inventory data for an item sold by Able Co. for November

The inventory data for an item sold by Able Co. for November is as follows: Nov. 1 Inventory 10 Purchase 20 Purchase 55 units at $25 each 65 units at $26 each 75 units at $27 each Nov. 30 Ending Inventory: 60 units Assume that the number of units of inventory sold during November (as calculated from the data above) were sold for $55 per unit. Also assume Able had cost of goods sold is $3,000. What is Able's gross profit? 1.$7,725 2. $300 3.$4,425 4. $3,000 QUESTION 38

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