Business College

A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $60; Second purchase $67; Third purchase $64. If the company sold two units for a total of $209 and used FIFO costing, the gross profit for the period would be

Answers

Answer 1

Answer:

$82

Explanation:

As company Uses FIFO system, it will sell first two products

The cost price =($60 + $67 = 127).

So Gross profit = Selling Price-Cost Price

Gross Profit = 209-127

= $82

The gross profit for the period is $82

Related Questions

Which best describes the role the applicants can fill in the company? Applicants 1 and 3 are best suited to work in network systems, while Applicant 2 could work in programming, information support, or interactive media. Applicants 2 and 3 are best suited to work in network systems, while Applicant 1 could work in programming, information support, or interactive media. Applicant 1 is best suited to work in network systems, while Applicants 2 and 3 could work in programming, information support, or interactive media. Applicant 3 is best suited to work in network systems, while Applicants 2 and 3 could work in programming, information support, or interactive media.

Answers

Incomplete question, however I made interferences from an employer perspective.

Answer:

Applicant 1 is best suited to work in network systems, while Applicants 2 and 3 could work in programming, information support, or interactive media.

Explanation:

From a performance point of view the programming, information support and interactive media roles of the company would be better handled by more than one individual since this roles involve more responsibilities that could not be handled by one individual.

The network systems role can better be managed by Applicant 1 only as it is a task that could be handled by a single employee.

Answer:

C. Applicant 1 is best suited to work in network systems, while Applicants 2 and 3 could work in programming, information support, or interactive media.

Explanation:

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