A firm using FIFO had a beginning inventory of $44,000, an ending inventory of $56,000 and gross profit of $800,000. If it had used LIFO, its beginning inventory would have been $18,000, its ending inventory would have been $22,000, and its gross profit income would have been A. $784,000 B. $788,000 C. $808,000 D. $816,000 E. None of the above