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Nicholas Industries had the following inventory transactions occur during 2020: Units Cost/unit 2/1/20 Purchase 54 $45 3/14/20 Purchase 93 $47 5/1/20 Purchase 66 $49 The
Nicholas Industries had the following inventory transactions occur during 2020:
Units Cost/unit
2/1/20 Purchase 54 $45
3/14/20 Purchase 93 $47
5/1/20 Purchase 66 $49
The company sold 140 units at $65 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the companys gross profit using FIFO? (rounded to whole dollars)
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Financial Literacy And Money Script A Caribbean Perspective
Authors: Christine Sahadeo
1st Edition
3319770748, 978-3319770741
