A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $67; Second purchase $79; Third purchase $68. If the company sold two units for a total of $200 and used FIFO costing, the gross profit for the period would be Select one: a. $68. 0 b. $62. c. $55. d. $54. Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold The gross profit rate would be. Select one: a. 0.590 O b. 0.469. 0 c. 0.531 d. 0.410. $ 90,000 25,000 15,000 400,000 212,400