1a. A company maintains a perpetual inventory system. You are provided below with the beginning inventory at July 1 as well as the details for the 4 purchases of inventory and 3 sales of inventory occurring during July:

	Date	Unit Price	Quantity	Extended
Beg. Balance	1-Jul	$2.50	1,000	$2,500
July Purchases:	Date	Unit Price	Quantity	Extended
1	2-Jul	$3.00	1,000	$3,000
2	5-Jul	$3.15	1,500	$4,725
3	8-Jul	$3.50	1,400	$4,900
4	13-Jul	$4.15	2,000	$8,300
July Customer Sales:	Date	Unit Price	Quantity	Extended
1	3-Jul	$20.00	1,600	$32,000
2	11-Jul	$20.00	2,100	$42,000
3	15-Jul	$20.00	2,600	$52,000

Assume the company uses the last-in-first-out cost flow assumption. How much gross profit will be reported for the July 11th sale of 2,100 units? Round your final answer to the nearest $1.

Answer choices:

$33,350

$35,475

$36,185

$34,976

$34,895

1b. Consider the 3 cost flow assumptions. Under LIFO, the cost for the oldest units are assigned to ending inventory.

Group of answer choices

True

False