Leinart Co. had the following inventory transactions for the period. Calculate gross profit using the FIFO cost flow assumptions. Date Quantity Purchase Cost Selling Price July 1 Beginning Inventory 350 $1 July 10 Sale 150 $5 July 14 Purchase 400 2 July 17 Sale 300 6 July 28 Purchase 200 4 Selected Answer: Incorrect [None Given] Answers: A. $550 B. $1,250 C. $1,400 D. $2,550 E. $2,000 PLEASE PROVIDE EXPLANATION