3. Use the information below to determine the sales revenue, cost of goods sold and...
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Accounting
3. Use the information below to determine the sales revenue, cost of goods sold and gross profit (you should report three numbers) that would be reported for the company related to the March 16 sale assuming the company uses FIFO inventory valuation and a perpetual inventory system. Check: Gross profit is a number between $200 and $300. (3 points). January I: February 5: March 16: Purchased 100 units at $10 per unit. Purchased 60 units at $12 per unit Sold 40 units for $16 per unit
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