LIFO inventory assumptions:Beginning inventory of 10 units @$5 =$50Purchases month #1 of 10 units @$10 = $100Purchases month #2 of 10 units @$15 = $150Cost of goods available for sale (subtotal) = $300Less ending inventory of 10 unitsEquals cost of goods sold (also known as cost of sales)

Using your computation of LIFO cost of goods sold from the previous question, and further assuming Sales equal $500 and Operating Expenses equal $50, what is the Gross Profit amount?

	A.	$200
	B.	$300
	C.	$250
	D.	None of the above