Stubbs Company uses the perpetual inventory method. On January 1, 2016, Stubbs purchased 1,300 units...
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Stubbs Company uses the perpetual inventory method. On January 1, 2016, Stubbs purchased 1,300 units of inventory that cost $11.00 each. On January 10, 2016, the company purchased an additional 600 units of inventory that cost $6.75 each. If Stubbs uses a weighted average cost flow method and sells 2,500 units of inventory for $22 each, the amount of gross margin reported on the income statement will be (Round your intermediate calculations to two decimal places.):
$30,850.
$24,150.
$32,600.
$38,125.
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