Company K applied LIFO and reported gross profit of $500,000. Company K reported inventory of $120,000 at January 1 and $100,000 at December 31 . Had FIFO been used rather than LIFO, those figures would have been $160,000 and $202,000 at January 1 and at December 31, respectively. What would Company K's gross profit have been under FIFO? A. $438,000 B. $458,000 C. $542,000 D. $562,000 E. $602,000