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What the gross profit under lifo will be

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Reference no: EM132741245

Problem 1: Youssef started a business on 1st January 2019 selling chairs He bought 40 chairs at a cost of $20 each at the beginning of his accounting year. On May 1st 2019 he bought a further 50 chairs at a cost of $40. He sold 70 chairs during the year for $45 each The gross profit under LIFO will be:

Select one:

a. $750

b. $1,150

c. $832 5

d. $972.2

Reference no: EM132741245

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