Given the following information and assuming beginning inventory was zero what is the gross profit at the end of the period using the FIFO, LIFO, and average cost methods
Purchases | Sales |
20 units at $ 50 | 15 units at $ 60 |
35 units at $ 40 | 35 units at $ 45 |
85 units at $ 30 | 85 units at $ 35 |
FIFO LIFO Cost Average ①A. $ 650 $ 750 $ 990
②B. $ 650 $ 750 $ 677
③C. $ 677 $ 650 $ 677
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A.①
B.②
C.③