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Kahn Company had 500 units of Dink in its inventory at a cost of $5...

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Accounting

Kahn Company had 500 units of Dink in its inventory at a cost of $5 each. It purchased, for $2,400, 300 more units of Dink. Kahn then sold 600 units at a selling price of $10 each, resulting in a gross profit of $2,100. The cost flow assumption used by Kahn

a. is FIFO.

b. is LIFO.

c. is weighted average.

d. cannot be determined from the information given.

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