Question
Romanoff Industries had the following inventory transactions occur during 2014: Units Cost/unit 2/1/14 Purchase 54 $45 3/14/14 Purchase 93 $47 5/1/14 Purchase 66 $49 The
Romanoff Industries had the following inventory transactions occur during 2014:
| Units | Cost/unit | ||
| 2/1/14 | Purchase | 54 | $45 |
| 3/14/14 | Purchase | 93 | $47 |
| 5/1/14 | Purchase | 66 | $49 |
The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the companys gross profit using LIFO? (rounded to whole dollars)
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Managerial Accounting
Authors: Ray H Garrison, Alan Webb, Theresa Libby
11th Canadian Edition
1259275817, 978-1259275814
