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A company just starting in business purchased three units of inventory at the following costs: first unit was purchased for $110; second unit was purchased

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A company just starting in business purchased three units of inventory at the following costs: first unit was purchased for $110; second unit was purchased for $115; third unit was purchased for $120. If the company sold two units for a total of $300 and used FIFO costing, the gross profit for the period would be: Select the one correct answer: $70. $65. $75. $60

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