Harpo's Used Cars uses the specific identification method of costing inventory. During March, Harpo purchased three cars for $12,000, $14,400, and $19,200, respectively. During March, two cars are sold for a total of $36,400. Harpo determines that at March 31, the $14,400 car is still on hand. What is Harpo's gross profit for March?

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Author:Carl Warren, James M. Reeve, Jonathan Duchac
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Problem #12
Harpo's Used Cars uses the specific identification method of costing inventory. During March,
Harpo purchased three cars for $12,000, $14,400, and $19,200, respectively. During
March, two cars are sold for a total of $36,400. Harpo determines that at March 31, the
$14,400 car is still on hand. What is Harpo's gross profit for March?
Transcribed Image Text:Problem #12 Harpo's Used Cars uses the specific identification method of costing inventory. During March, Harpo purchased three cars for $12,000, $14,400, and $19,200, respectively. During March, two cars are sold for a total of $36,400. Harpo determines that at March 31, the $14,400 car is still on hand. What is Harpo's gross profit for March?
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