Tier II Company uses a periodic inventory system. Details for the inventory account for the month of January, 2016 are as follows: Units 200 Total Balance, 1/1/2016 Purchase, 1/15/2016 Purchase, 1/28/2016 Per unit price $5.00 5.30 100 $1,000 530 100 5.50 550 An end of the month (1/31/2016) inventory showed that 120 units were on hand. 00 - 120 1. How many units did the company sell during January, 2016? A) 80 B) 120 C) 200 D) 280 CD 2. If the company uses FIFO, what is the value of the ending inventory? A) $520 B) $600 C) $656 D) $1,424 3. If the company uses LIFO, what is the value of the ending inventory? A) $520 B) $600 C) $656 D) $1,480 4. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month? A) $1,376 B) $1,424 C) $2,800 D) $3,000