During 2016, LiLi Co. had the following information about inventory and purchases: Units Price Amount January 1, 2016 Inventory 4,000 $2.00 $ 8,000 March 8, 2016 purchase 3,000 $4.00 12,000 August 17, 2016 purchase 2,000 $6.00 12,000 Total 9,000 $32,000 During 2016, LiLi sold 5,500 units for $9.00 each. LiLi has adopted the FIFO method with a periodic inventory system. Determine the Gross Profit for Lili in 2016. Selected Answer: Incorrect [None Given] Correct Answer: Correct 35,500 Answer range +/- 0 (35500 - 35500 )

SHOW ALL STEPS