The following represents information for Company X for a period of four years

Year	Purchases (units)	Purchases (cost/unit)		Sales (units)	Sales (per unit)
2000	12,000	$	10	9,000	$	15
2001	11,000	$	11	10,000	$	17
2002	10,000	$	12	11,000	$	19
2003	9,000	$	13	12,000	$	21
	42,000			42,000

What is cost of goods sold for Year 2000 and what is the gross margin for Year 2001 using FIFO?

Multiple Choice

• Cost of goods sold is $90,000, Gross Margin is $63,000

• Cost of goods sold $90,000, Gross Margin $45,000

• Cost of goods sold is $110,000, Gross Margin is $60,000

• None of the other alternatives are correct

• Cost of goods sold is $90,000, Gross Margin is $60,000