Question: Using FIFO, what is gross margin for the June sale? Total Cost $180 Units Cost Per Date Source Purchased Unit Beginning 1/1/2011 15 $12 Inventory

Using FIFO, what is gross margin for the June sale? Total Cost $180 Units Cost Per Date Source Purchased Unit Beginning 1/1/2011 15 $12 Inventory 2/1/2011 Purchase 10 $13 3/1/2011 Purchase 20 $14 Total Goods Available for Sale 45 Units sold 30 $25 $130 $280 $590 O $357 O $370 O $340 O $395 O $340

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