Goodwill Goods Inc., a merchandising company, has made the following purchases during its initial year of operation, 2012: Date of purchase January 10, 2012 July 1, 2012 October 20, 2012 Number of units 3,000,000 2,000,000 2,000,000 Cost per unit $2.00 2.20 2.50 Goodwill reported sales of $27,000,000 in the year at a sales price of $4.5 per unit. Assuming the company used the FIFO inventory valuation method, the company's reported gross profit will most likely be: lower by $500,000 than reported under the LIFO method. higher by $300,000 than reported under the weighted average cost method. higher by $200,000 than reported under the LIFO method