M Gmail esc YouTube Midterm 2 Question 24 of 60 Current Attempt in Progress ABC Inc. uses the FIFO cost formula in a perpetual inventory system. Jul 1 Jul 8 Jul 7 Purchases Jul 9 Beginning inventory Maps Sales Sales Jul 10 Purchases Jul 22 Sales 20 units @ $19 per unit ! 70 units @ $20 per unit 50 units 25 units 50 units @ $22 per unit If ABC Inc. used the average cost formula instead of FIFO, gross profit from the July 8 sale would be 40 units O the same. lower. O higher. O cannot be determined. 1234 # $ Search or type URL do 5 MacBook Pro % A & 7 * 00 -/1 = : 8 9 000 000

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 thesame lower. higher. cannot be determined. 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 thesame lower. higher. cannot be determined