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Novak Corp. had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 101 $101 Mar. 14, 2017 Purchase 174 $105 May
Novak Corp. had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 101 $101 Mar. 14, 2017 Purchase 174 $105 May 1, 2017 Purchase 123 $110 The company sold 286 units at $141 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) $9681 $29681 $30645 $10645
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