Question
Kingbird, Inc. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 103 $ 103 Mar. 14, 2022 Purchase 177 $
Kingbird, Inc. had the following inventory transactions occur during 2022:
| Units | Cost/unit | |||||
|---|---|---|---|---|---|---|
| Feb. 1, 2022 | Purchase | 103 | $103 | |||
| Mar. 14, 2022 | Purchase | 177 | $107 | |||
| May 1, 2022 | Purchase | 125 | $112 |
The company sold 291 units at $144 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?
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
