A company purchases 20 units of Product X for $10 each and then 30 units for $12 each. The company then sells 25 units of Product X at a $20 selling price per unit. Assuming the company uses the FIFO cost formula, cost of goods sold is: $300. $260. $200. O $250. Lodex Lenses had net sales of $120,000 for the current fiscal year. Lodex typically achieves a gross profit of 15%. Cost of goods sold under the gross profit method would be: O $102,000 $100,000. $20,000. O $18,000. Company X reported profit of $15,000 and a profit margin of 6%. Its gross profit margin was 25%. Cost of goods sold was: O $62,500 O $60,000 O $48,000 O $187,500