Question: Using FIFO, what is gross margin? Per Unit Total Cost $13 $13,000 Units Date Source Purchased Beginning 1/1/2011 1000 Inventory 2/1/2011 Purchase 700 3/1/2011 Purchase

Using FIFO, what is gross margin? Per Unit Total Cost $13 $13,000 Units Date Source Purchased Beginning 1/1/2011 1000 Inventory 2/1/2011 Purchase 700 3/1/2011 Purchase 1,500 Total Goods Available for Sale 3,200 Units sold 2300 $9 $12 $6,300 $18,000 $37,300 $20 $8,700 $19,500 $19,191 $12,265 $20,400

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