7-47 LIFO and FIFO The inventory of the Roseburg Sand and Gravel Company on June 30 shows 1,000 tons at $9 per ton. A physical inventory on July 31 shows a total of 1,200 tons on hand. Revenue from sales of gravel for July totals $102,000. The following purchases were made during July: July 8 July 13 July 22 5,000 tons @ $10 per ton 1,000 tons @ $11 per ton 800 tons @ $12 per ton 1. Compute the inventory cost as of July 31 using (a) LIFO, and (b) FIFO. 2. Compute the gross profit using each method