Question: Using LIFO, what is gross margin? Date Source Units Purchased Cost Per Unit Total Cost 1/1/2011 Beginning Inventory 1000 $25 $25,000 2/1/2011 Purchase 700 $23

Using LIFO, what is gross margin?

Date

Source

Units Purchased

Cost Per Unit

Total Cost

1/1/2011

Beginning Inventory

1000

$25

$25,000

2/1/2011

Purchase

700

$23

$16,100

3/1/2011

Purchase

1,500

$20

$30,000

Total Goods Available for Sale

3,200

$71,100

Units sold

2300

$40

Group of answer choices

$69,500

$43,400

$38,900

$40,897

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