Nichols Company Had 400 Units of "Dink" in Its Inventory

question 61

Multiple Choice

Nichols Company had 400 units of "Dink" in its inventory at a cost of $6 each.It purchased 600 more units of "Dink" at a cost of $9 each.Nichols then sold 700 units at a selling price of $15 each.The LIFO liquidation overstated normal gross profit by

• A)$ -0-
• B)$300.
• C)$600.
• D)$900.