1. What is the Net Income after the following transactions if the operating expenses are total $680 and the income tax is $120?

Ace Company began April with $1,000 of inventory, consisting of 100 units at $10 each.

The following additional transactions occurred during the month: April 5, purchased 150 units at $11 each April 9, sold 200 units for $15 each April 17, purchased 125 units at $12 each April 26, sold 75 units for $16 each Assuming the use of perpetual FIFO

A) $420.00

B) $570.00

C) $850.00

D) $450.00