Using FIFO inventory costing system, the gross profit on sales is:
You have furnished the following data of SALES Sales Company relative to Commodity Excel:
Balance January 1 4,000 units at P25
Purchases: January 4 3,000 units at P26
January 15 3,500 units at P28
January 25 500 units at P27
Sales: January 3 3,000 units at P35
January 16 2,000 units at P36
January 28 1,000 units at P37
Using FIFO inventory costing system, the gross profit on sales is:
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