Question: Using FIFO, what is gross margin? Purchase $ per Date Activity Units unit Total cost Beginning 875 $60 $52,500 1-Jan balance 10-Jan Purchased 630 $54

Using FIFO, what is gross margin? Purchase $ per Date Activity Units unit Total cost Beginning 875 $60 $52,500 1-Jan balance 10-Jan Purchased 630 $54 $34,020 13-Feb Purchased 940 $52 $48,880 Cost of goods available for sale $135,400 Units available for sale 2.445 15-Feb Sold 1,825 Units $85 Selling $ per unit O $ 51,965 O $ 54,060 O $122,885 O $ 56,925

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