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Sheffield Industries had the following inventory transactions occur during 2020: Units Cost/unit 2/1/20 Purchase 53 $44 3/14/20 Purchase 94 $40 5/1/20 Purchase 60 $48
Sheffield Industries had the following inventory transactions occur during 2020: Units Cost/unit 2/1/20 Purchase 53 $44 3/14/20 Purchase 94 $40 5/1/20 Purchase 60 $48 The company sold 140 units at $60 each and has a tax rate of 20%. There is no beginning inventory. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars) $2320 $2593 $6080 $5812
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