A company purchased 1,000 units of a product at $ 12.00 and 2,000 units at $ 13. It sold all of these units at $ 18.

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A company purchased 1,000 units of a product at $ 12.00 and 2,000 units at $ 13.20. It sold all of these units at $ 18.00 each at a time when the current cost to replace the units sold was $ 13.80. Compute the amount of gross margin under FIFO that LIFO supporters would call inventory, or paper, profits.