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Ted's Used Cars uses the specific identification method of costing inventory. During March, Ted purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Ted determines that at March 31, the $9,750 car is still on hand. What is Ted's gross profit for March?

a. $5,250.

b. $4,500.

c. $750.

d. $8,250.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9404761

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