97. Units Lee Industries had the following inventory transactions occur during 2010: Cost/unit 2/1/10 Purchase 18 $45 3/14/10 Purchase $47 5/1/10 Purchase $49 The company sold 51 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 LIFO? (rounded to whole dollars) a. $2,441 b. $2,365 C. $848 d. $772 Ans:D, SO 3. Bloom: AP. Dricuty, Medium, Min: 3, AACSB Analytic, AICPA BB: Legal Regulatory Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving. IMA Quarttative Methods 98. Lee Industries had the following inventory transactions occur during 2010 Units Cost/unit 2/1/10 Purchase 18 $45 3/14/10 Purchase 5/1/10 Purchase $49 $47 The company sold 51 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using LIFO? (rounded to whole dollars) a. $772 b. $848 C. $594 d. $540 Ans: D. SO 3, Bloom: AP, Druty Hard. Min: 5. MCSB: Analytic, AICPA BB: Legal Regulatory Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving. IMA Quarttative Methods 99. Lee Industries had the following inventory transactions occur during 2010: Units Cost/unit 2/1/10 Purchase 18 $45 3/14/10 Purchase $47 5/1/10 Purchase $49 31 The company sold 51 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. $2,441 b. $2,365 c. $848 d. $772