ABC Inc. uses the FIFO cost formula in a perpetual inventory system. Jul 1 Beginning inventory Jul 7 Purchases Jul 8 Sales Jul 9 Sales Jul 10 Purchases Jul 22 Sales 20 units @ $19 per unit O the same. lower. O higher. 70 units @ $20 per unit 50 units 25 units 50 units @ $22 per unit 40 units If ABC Inc. used the average cost formula instead of FIFO, gross profit from the July 8 sale would be cannot be determined. Attempts: 0 of 1 used Submit

ABC Inc. uses the FIFO cost formula in a perpetual inventory system. If ABC Inc. used the average cost formula instead of FIFO, gross profit from the July 8 sale would be the same. lower. higher. cannot be determined