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Smithson Corporation uses a periodic inventory system. The following information related to its merchandise...

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Accounting

Smithson Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August year 1 is available:

August 1 Inventory on hand--500 @$10.00

August 10 Purchase --200 @$12.00

August 12 Purchase --500 @ $15.00

August 28 Sale--800 @ $30.00

What is the gross profit percentage Smithson uses LIFO method?

A) 64.58%

B) 54.58%

C) 45.58%

D) 46.58%

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