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A company just starting in business purchased three merchandise inventory items at the following prices: first purchase, $104; second purchase, $122; third purchase, $119. If

A company just starting in business purchased three merchandise inventory items at the following prices: first purchase, $104; second purchase, $122; third purchase, $119. If the company sold two units for a total of $406 and used FIFO, the gross profit for the period would be

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