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A company just started in business purchased five merchandise inventory items at the following prices: first purchase $70; second purchase $75; third purchase $80; fourth
A company just started in business purchased five merchandise inventory items at the following prices: first purchase $70; second purchase $75; third purchase $80; fourth purchase $85; and the fifth purchase $90. If the company sold three units for a total of $450 and used LIFO costing, the gross profit for the period would be?
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a
$50
b
$195
c
$210
d
$225
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