Nicholas Industries Had the Following Inventory Transactions Occur During 2022

Multiple Choice

Nicholas Industries had the following inventory transactions occur during 2022: $\begin{array}{llll}&&\text {Units}&\text { Cost/unit}\\\hline2 / 1 / 22 & \text { Purchase } & 54 & \$ 45 \\3 / 14 / 22 & \text { Purchase } & 93 & \$ 47 \\5 / 1 / 22 & \text { Purchase } & 66 & \$ 49\end{array}$ The company sold 140 units at $65 each. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO?

A) $2,388
B) $2,678
C) $6,472
D) $6,712