Homework Answers
Answer :- Calculation of gross margin according to FIFO (First in First Out) method :-
Gross Margin = Sales - Cost of goods sold
Gross Margin = (2*$10) - (1*$5 + 1* $6)
Gross Margin = $20 - $11
Gross Margin = $9
According to the calculation the Gross Margin is $9. So the above statement is true.
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