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The 123 Accounting Company sells accounting videos. The following information has been extracted from the records of 123 Accounting Co. January 1: Opening Inventory is
The 123 Accounting Company sells accounting videos. The following information has been extracted from the records of 123 Accounting Co.
January 1: Opening Inventory is 60 units @$10/each
January 10: Bought 100 units @$11 each
January 15: Bought 100 units @$13 each
January 20: Sold 220 units @$20 each
January 25: Bought 40 units @ $15 each
If 123 Accounting uses the FIFO cost flow assumption and the perpetual method for inventory, the gross profit for January is
$1,620$1,920None of the above$1,760$1,840Step by Step Solution
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