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Using FIFO, what is gross margin? Purchase $ per Date Activity Units unit Total cost Beginning 875 $48 $42,000 1-Jan balance 10-Jan Purchased 630 $46

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Using FIFO, what is gross margin? Purchase $ per Date Activity Units unit Total cost Beginning 875 $48 $42,000 1-Jan balance 10-Jan Purchased 630 $46 $28,980 13-Feb Purchased 940 $52 $48,880 Cost of goods available for sale $119,860 Units available for sale 2,445 15-Feb Sold Units Selling $ per unit 1,825$75 $47,409 $49,255 $46,775 $45,995

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