the next questuin Lott Co. had one unit in beginning inventory that cost $6.00. Lott paid cash to purchase two additional inventory items. The first item was purchased at a cost $8.00, and the second at a cost of $10.00. Lott Co. sold two inventory items for $12.00 each, receiving cash. Based on this information alone, indicate whether each of the following items is true or false. CH 5 TRUE / FALSE 4 The amount of gross margin would be $10 assuming the FIFO cost flow was used. Group startsTrue or False True, unselectedFalse, unselected