Beginning inventory May 1 First purchase @ May 7 Second purchase @ May 17 Third purchase May 23 Sales @ May 31 1,300 units @ $4.20 1,400 units @ $4.40 1,600 units @ $4.50 1,200 units @ $4.60 4,200 units @ $6.10 TB MC Qu. 05.44 What is the amount of gross margin assuming... What is the amount of gross margin assuming the FIFO cost flow method? Multiple Choice $6,740 $7.980 $18.606