Johnson Company had 500 units of "Tank" in its inventory at a cost of $4 each.It purchased, for $2,800, 300 more units of "Tank".Johnson then sold 400 units at a selling price of $10 each, resulting in a gross profit of $1,600.The cost flow assumption used by Johnson
A)is FIFO.
B)is LIFO.
C)is weighted average.
D)cannot be determined from the information given.

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The Answer of Johnson Company had 500 units of "Tank" in its inventory at a cost of $4 each.It purchased, for $2,800, 300 more units of "Tank".Johnson then sold 400 units at a selling price of $10 each, resulting in a gross profit of $1,600.The cost flow assumption used by Johnson
A)is FIFO.
B)is LIFO.
C)is weighted average.
D)cannot be determined from the information given.

Johnson Company Had 500 Units of "Tank" in Its Inventory