XYZ Company purchased 10 widgets on June 2 for $20 each and 15 more widgets on June 10 for $15 each. On June 15, the company sold 12 widgets for $25 each. Which of the following statements regarding gross profit as of June 15 is correct?

O Gross profit is the same using either FIFO or average cost.

O Gross profit is higher using FIFO than it would be using average cost.

O In order to determine which of the above statements is correct, one would have to know specifically which widgets were sold.

O Gross profit is lower using FIFO than it would be using average cost.