Gross Profit is also called Gross Margin Select one: True False Under the LIFO method of inventory valuation the ending merchandise inventory would be valued at the purchase price of the most recent purchases. Select one: : True O False Sales $ 75000;Beginning merchandise inventory $ 10000;Purchases $ 45000; Cost of goods sold $ 50000; The ending merchandise inventory must have been Select one: O a. $ 40000 O b. $ 25000 O c. $ 5000 O d. $ 15000 Wholesalers buy from retailers and sell to the general public. Select one: O True O False