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A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $59; Second purchase $75; Third purchase $64. If

image text in transcribed A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $59; Second purchase $75; Third purchase $64. If the company sold two units for a total of $210 and used FIFO costing, the gross profit for the period would be $81. $76. $74. $64

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GAO Financial Audit Manual Volume 1 Updated April 2020

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