Question
Bonita Industries had the following inventory transactions occur during 2020: Units Cost/unit 2/1/20 Purchase 52 $41 3/14/20 Purchase 93 $40 5/1/20 Purchase 65 $51 The
Bonita Industries had the following inventory transactions occur during 2020:
| Units | Cost/unit | ||
|---|---|---|---|
| 2/1/20 | Purchase | 52 | $41 |
| 3/14/20 | Purchase | 93 | $40 |
| 5/1/20 | Purchase | 65 | $51 |
The company sold 148 units at $70 each and has a tax rate of 20%. Assuming that a periodic inventory system is used, what is the companys gross profit using FIFO? (rounded to whole dollars)
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Connect For Data Analytics For Accounting
Authors: Author
2nd Edition
1264152000, 9781264152001
