company A just starting business made the following purchases in August:
August 1
August 12
August 24
August 30
300 units
$1,560
400 units
2,340
400 units
2,520
300 units
1,980
1,400 units $8,400
A physical count of the on inventory August 31 reveals that there are 500
units on hand. The inventory method that produces the lowest gross profit
for August is:
the LIFO method.
the average cost method.
the FIFO method.
not determinable.