FIFO: 47. Quick Trip Co. maintains its gasoline inventory using th method The gasoline is stored in an underground tank holding 100,000 gallons. The LIFO reserve has a balance of $1,020 at the beginning of April. The inventory records for April follow: (4 pts.) Beginning inventory April 9 purchase April 15 sale April 29 purchase April 30 sale 11,000 gallons@ $2.55 per gallon 60,000 gallons@ $2.65 per gallorn 62,000 gallons @ $3.60 per gallon 70,000 gallons@$2.85 per gallorn 7,500 gallons @ $3.60 per gallon A. Using the LIFO method, how much will Quick Trip Co. report as gross profit for 0,200 April? B. Determine the amount of change in the LIFO reserve during April. Suppose Quick Trip Co. deferred the April 29 purchase until May 1. are the company's phantom profits? C. How much If Quick Trip Co. were to select a method that approximated its actual physical flow most closely, which of the inventory costing methods would it select? Explain. D. a CS