9. Company X applied LIFO and reported gross profit of $400,000 Company X reported inventory of $100,000 at January 1 and $120,000 at December 31. Had FIFO been used rather than LIFO, those figures would have been $160,000 and $262,000 at January 1 and at December 31, respectively. What would Company X's gross profit have been under FIFO? A. $298,000 B. $328,000 C. $338,000 D. $ 462,000 E. $ 482,000