A company just starting business made the following purchases in August: August 1 August 12 August 24 August 30 300 units 400 units 400 units 300 units 1,400 units $1.560 2.340 2.520 1.980 $8.400 A physical count of the inventory on August 31 reveals that there are 500 units on hand. What inventory method produces the lowest gross profit for August? O Not determinable O LIFO method O Average cost method O FIFO method