Author of the classic Madame Bovary, Gustave Flaubert famously declared: âTo be stupid, selfish, and have good health are three requirements for happiness, though if stupidity is lacking, all is lost.â. Albert Schweitzer said âHappiness is nothing more than good health and a bad memory.â.
1 A gross refers to a group of 144 items (a dozen dozen or a square dozen).  A great gross refers to a group of 1728 items (a dozen gross or a cubic dozen).
Determine the gross profit using periodic inventory system and the LIFO inventory method, assuming that 18 units were sold at a sales price of $14. Feedback: LIFO: (18 Ã $14) - [(8 Ã $5) + (10 Ã $4)] = $172.