Question 3 10 pts Total Cost $25,000 Using FIFO, what is gross margin? Units Cost Per Date Source Purchased Unit Beginning 1/1/2011 1000 $25 Inventory 2/1/2011 Purchase 700 $23 3/1/2011 Purchase 11,500 $20 Total Goods Available for Sale 3,200 Units sold 2300 $40 $ 16,100 $30,000 $71,100 $40,897 $74,000 $38,900 $43,400