Sheridan Company began business in August. The company purchased three inventory items at the following prices: First purchase $70; Second purchase $80; Third purchase $75. If the company sold 2 units for a total of $230 and used FIFO costing, the gross profit for the period would be $85. O $75. O $70. O $80.

Sheridan Company began business in August. The company purchased three inventory items at the following prices: First purchase $70, Second purchase $80. Third purchase $75. If the company sold 2 units for a total of $230 and used FIFO costing, the gross profit for the period would be $85. $75. $70. $80