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Given the Following Data, What Is the Gross Margin If

Question 62

Multiple Choice

Given the following data, what is the gross margin if cost of goods sold is determined using the FIFO periodic method?  Sales revenue 200 units at $20 per unit  Beginning inventory 60 units at $12 per unit  Purchases 210 units at $13 per unit \begin{array} { | l | l | } \hline \text { Sales revenue } & 200 \text { units at } \$ 20 \text { per unit } \\\hline \text { Beginning inventory } & 60 \text { units at } \$ 12 \text { per unit } \\\hline \text { Purchases } & 210 \text { units at } \$ 13 \text { per unit } \\\hline\end{array}


A) $2,540
B) $1,460
C) $1,400
D) $1,390

Correct Answer:

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