Red and White Corporation had 500 units of Product #1 in its…

Red and White Corporation had 500 units of Product #1 in its inventory at a cost of $5 each. It purchased 300 more units of Product #1 for $2,400. Red and White 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 Red and White