A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $65; Second purchase $75; Third purchase $70. If the company sold 2 units for a total of $220 and used FIFO costing, the gross profit for the period would be $80. $75. $70. $85.

A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $65; Second purchase $75; Third purchase $70. If the company sold 2 units for a total of $220 and used FIFO costing, the gross profit for the period would be $80. $75. $70. $85