Use the following information for Vania Inc. for the following three questions. The company uses the perpetual inventory system, and recorded the following transactions in the month of October 2018.

Oct 1 On hand, 50 units @ $15 each

Oct 5 Purchased 75 units @ $18 each

Oct 10 Sold 65 units @ $32 each

Oct 14 Purchased 75 units @ $24 each

Oct 29 Sold 85 units @ $38 each

1. What is Vania Incs Gross Profit for October 2018 using the FIFO inventory assumption?

A. $2,450 B. $2,700 C. $2,610 D. $3,150

2. What is Vania Incs Cost of Ending Inventory on October 31, 2018 using the Weighted Average inventory assumption?

A. $1,040 B. $1,200 C. $1,120 D. $1,250

3. What is Vania Companys Cost of Goods Sold for October 2018 using the LIFO inventory assumption?

A. $3,050 B. $3,150 C. $2,700 D. $2,860