Dole Industries had the following inventory transactions occur during 2022: $$\begin{array} { r l c c }
& & \text { Units } & \text { Cost'unit } \
\text { Feb. } 1,2022 & \text { Purchase } & 90 & \$ 90 \
\text { Mar. 14,2022 } & \text { Purchase } & 155 & \$ 94 \
\text { May 1, } 2022 & \text { Purchase } & 110 & \$ 98
\end{array}$$ The company sold 255 units at $126 each and has a tax rate of 30%.Assuming that a periodic inventory system is used what is the company's gross profit using LIFO? (rounded to whole dollars)
A)$24410
B)$23650
C)$8480
D)$7720

Question

Dole Industries had the following inventory transactions occur during 2022: $$\begin{array} { r l c c } 
& & \text { Units } & \text { Cost'unit } \
\text { Feb. } 1,2022 & \text { Purchase } & 90 & \$ 90 \
\text { Mar. 14,2022 } & \text { Purchase } & 155 & \$ 94 \
\text { May 1, } 2022 & \text { Purchase } & 110 & \$ 98
\end{array}$$ The company sold 255 units at $126 each and has a tax rate of 30%.Assuming that a periodic inventory system is used what is the company's gross profit using LIFO? (rounded to whole dollars)
A)$24410
B)$23650
C)$8480
D)$7720

Quizplus · Accepted Answer

The Answer of Dole Industries had the following inventory transactions occur during 2022: $$\begin{array} { r l c c } 
& & \text { Units } & \text { Cost'unit } \
\text { Feb. } 1,2022 & \text { Purchase } & 90 & \$ 90 \
\text { Mar. 14,2022 } & \text { Purchase } & 155 & \$ 94 \
\text { May 1, } 2022 & \text { Purchase } & 110 & \$ 98
\end{array}$$ The company sold 255 units at $126 each and has a tax rate of 30%.Assuming that a periodic inventory system is used what is the company's gross profit using LIFO? (rounded to whole dollars)
A)$24410
B)$23650
C)$8480
D)$7720

Dole Industries Had the Following Inventory Transactions Occur During 2022