Milford Company had 500 units of "Tank" in its inventory at a cost of $4/ each. It purchased, for $2,800, 300 more units of "Tank". Milford then sold 400 units at a selling price of $10. each, resulting in a gross profit of $1,600. The cost flow assumption used by Milford

a. is FIFO.

b. LIFO.

c. is weighted average.

d. cannot be determined from the information given.