471 48 49 Exercise K A company purchased 1,000 units of a product at $ 12.00 and 2,000 units at $ 13.20. It sold all of these units at $ 18.00 each at a time when the current cost to replace the units sold s0 was $ 13.80. Compute the amount of gross margin under FIFO that LIFO supporters would call inventory, or paper, profits. 51 For this one you need to notice th $ 1,800.00 52 1000 1.80 can count as 'paper' profits. The f 53 54 Now do the second one the same 55 56 57 58 59