NO A company just starting in business purchased three merchandise inventory items at the following prices first purchase $100 second purchase, 5120 third purchase, $125. If the company sold two units for a total of 5400 and used Fito, the gross profit for the period would be Marl Select one A 5155 B. $220 C. $245 OD $180 In a period of inflation, FIFO usually gives a lower taxable income and thus a tax advantage Select one True False