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Peeke Company uses the periodic method of accounting. Peeke Company has the following inventory information summarizing activity during November: Beginning Inventory 100 units @ $30.00
Peeke Company uses the periodic method of accounting. Peeke Company has the following inventory information summarizing activity during November:
| Beginning Inventory | 100 units @ $30.00 per unit |
| Purchase #1 | 60 units @ $35.00 per unit |
| Purchase #2 | 40 units @ $40.00 per unit |
| Units sold | 170 units @ $100 per unit |
What will Peeke report as gross margin for November assuming they use LIFO?
| A. | $17000 | |
| B. | $5800 | |
| C. | $11500 | |
| D. | $11200 | |
| E. | $5500 |
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