MER Question 8 A company just starting its business made the following four inventory purchases in June: Date Number of Units Total Cost Jun 1 150 $480 Jun 10 200 660 Jun 15 200 680 Jun 28 150 525 On June 25, the company made its first sale when a local customer purchased 500 units for $3,500. The company uses a perpetual inventory system. The inventory cost formula that results in the highest gross profit for June is average FIFO. gross profit is the same under both cost formulas. not determinable. LINK TO TEXT