1. A low gross profit percentage means thatA. general and administrative expense

1. A low gross profit percentage means thatA. general and administrative expenses are very high.B. selling expenses are very low.C. the cost of goods sold was relatively low.D. the cost of goods sold was relatively high.2. Casey Companys beginning inventory and purchases during thefiscal year ended December 31 2012 were as follows: (Note: Thecompany uses a perpetual system of inventory.)Units Unit Price Total CostJanuary 1Beginning Inventory 20 $12 $240March 8Sold 14April 2Purchase 30 $13 $390June 5Sold 25Aug 6Purchase 25 $14 $350Total Cost of Inventory $980Ending inventory is 14 units.What is the cost of goods sold for Casey Company for 2012using LIFO?A. $264B. $801C. $308D. $784