Answer:
$1,564,800
Explanation:
Year Purchased Quantity (Units) Cost per unit Total Cost
2017 4,000 $160 $640,000
2018 10,000 $220 $2,220,000
2019 16,000 $320 $5,120,000
(A) Sales Revenue
2019 18,400 $392 $7,212,800
(B) Less: Cost of Goods Sold (LIFO)
2019 (16,000 x $320) ($5,120,000)
2018 {(18,400 - 16,000) x $220} ($528,000)
(A - B)Gross Profit $1,564,800
