Beth Company purchased two identical inventory items. The first purchase cost $8 and the second cost...
Beth Company purchased two identical inventory items. The first purchase cost $8 and the second cost $12. The Company sold one of the items for $25. If the Company uses the FIFO cost flow method, the amount of gross margin shown on the income statement will be $______
Homework Answers
Under Fifo, first available units are sold first
Gross margin = Sales - Cost of Goods Sold
= 25 - 8
= $ 17
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