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Explain the amount of gross profit reported

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THE Company employs a periodic inventory system and sells its inventory to customers for $10 per unit. THE Company had the following inventory information available for the month of May:

May 1 Beginning inventory 230 units @ $3.90 cost per unit
May 6 Purchased 400 units @ $5.80 cost per unit
May 8 Purchased 280 units @ $3.30 cost per unit
May 14 Sold 410 units
May 19 Purchased 350 units @ $4.90 cost per unit
May 23 Sold 270 units
May 27 Sold 120 units
May 29 Purchased 240 units @ $4.10 cost per unit

Question 1: Explain The amount of gross profit reported on THE Company's income statement for May using the LIFO method was equal to:

Group of answer choice

Option 1: $3,778

Option 2: $4,730

Option 3: $4,222

Option 4: $3,648

Option 5: $3,392

Option 6: $4,608

Option 7: $3,192

Option 8: $3,062

Option 9: $4,352

Option 10: $3,448

Option 11: none of the above choices are correct

Reference no: EM132569609

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