Lee Industries had the following inventory transactions occur during 2014: The company sold 204 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars)
A) $9,764
B) $9,460
C) $3,392
D) $3,088

Question

Lee Industries had the following inventory transactions occur during 2014:  The company sold 204 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars)
A) $9,764 
B) $9,460 
C) $3,392 
D) $3,088

Quizplus · Accepted Answer

The Answer of Lee Industries had the following inventory transactions occur during 2014:  The company sold 204 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars)
A) $9,764 
B) $9,460 
C) $3,392 
D) $3,088

Lee Industries Had the Following Inventory Transactions Occur During 2014