Question: Using LIFO, what is gross margin? Per Unit Total Cost $48 $42,000 Units Date Source Purchased Beginning 1/1/2011 875 Inventory 2/1/2011 Purchase 630 3/1/2011 Purchase

Using LIFO, what is gross margin? Per Unit Total Cost $48 $42,000 Units Date Source Purchased Beginning 1/1/2011 875 Inventory 2/1/2011 Purchase 630 3/1/2011 Purchase 940 Total Goods Available for Sale 2,445 Units sold 1,825 $46 $28,980 $52 $48,880 $119,860 $75 O $47,409 O $49,255 O $45,995 O $46,775

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