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A company just starting in business purchased three merchandise inventory items at the following prices. March 2, $255; March 7, $265; and March 15, $285.
A company just starting in business purchased three merchandise inventory items at the following prices. March 2, $255; March 7, $265; and March 15, $285. If the company sold two units for $670 each on March 10 and March 20, and used the FIFO cost formula in a perpetual inventory system, the gross profit for March would be
$255.
$295.
$305.
$285.
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