Determine the gross profit assuming the company uses the LIFO cost flow method.

a. \(\$ 11,400\)

b. \(\$ 14,400\)

c. \(\$ 22,400\)

d. \(\$ 19,700\)

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Inventory data for Newman & Frith Merchandisers Inc. is provided here. Sales for the pe- riod were 2,800 units. Each sold for $8. The company maintains a periodic inventory system. Number of Units Unit Cost Total Cost Date January Beginning inventory February Purchases March Purchases April Purchases Totals 1,000 $3.00 $ 3,000 600 $3.50 $ 2,100 800 $4.00 $ 3,200 1,200 $4.25 $ 5,100 3,600 $13,400