Question 3 Using FIFO, what is gross margin? Purchase $ per Date Activity Units unit Total cost Beginning 875 $60 $52,500 1-Jan balance 10-Jan Purchased 630 |$54 $34,020 13-Feb Purchased 940 $52 $48,880 Cost of goods available for sale $135,400 Units available for sale 2,445 15-Feb Sold 1,825 Units $85 Selling $ per unit $122.885 $ 56,925 $ 51,965 $ 54,060