Question 7 0 out of 1 points During 2016, Lili Co. had the following information about inventory and purchases: Units Price Amount January 1, 2016 Inventory 4,000 $2.00 $ 8,000 March 8, 2016 purchase 3,000 $4.00 12,000 August 17, 2016 purchase 2,000 $6.00 12,000 Total 9,000 $32,000 During 2016, Lili sold 5,500 units for $9.00 each. Lili has adopted the FIFO method with a periodic inventory system. Determine the Gross Profit for Lili in 2016. Selected Answer: 14000 Correct Answer: 35,500 Answer range +/- 0 (35500 - 35500)