The Following info relates to Seth company's inventory

Quantity Price

Sept 1: Beginning Inventory 20 $2

Sept: 7 Purchase 20 $3

Sept:20 Purchase 20 $4

Sept: 26 Purchase 20 $5

Seth company sold 50 units during September at $8 each.

a.) At What amount would Seth report gross profit using LIFO cost flow assumptions?

Answer choices:

1.$100, $185, $210, $195, or $200

The Following info relates to Seth company's inventory

Quantity Price

Sept 1: Beginning Inventory 20 $2

Sept: 7 Purchase 15 $3

Sept:20 Purchase 25 $4

Sept: 26 Purchase 20 $5

Seth company sold 50 units during September at $8 each.

b.) At What amount would Seth report Cost of Goods Sold using FIFO cost flow assumptions?

Answer choices:

1.$185, $165, $125, $145, $70