Given the following data, what is the value of the gross profit as determined by the LIFO method? 
Definitions:
Book Value
The net value of an asset or company, calculated by subtracting liabilities from assets and often used to assess the worth of tangible assets on balance sheets.
Depreciable Asset
An asset subject to depreciation, representing its decline in value over time due to use or obsolescence.
Useful Life
Useful Life is an accounting estimate of the time period a tangible asset is expected to remain functional and economically viable for its intended purpose.
Depreciation Estimates
Projections made about the reduction in value of a tangible asset over its useful life for accounting and tax purposes.
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