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Sheridan Industries had the following inventory transactions occur during 2 0 2 5 , its first year of operations: Units Cost / unit 1 ,

Sheridan Industries had the following inventory transactions occur during 2025, its first year of operations: Units Cost/unit1,2025Purchase93$3914,2025Purchase160$401,2025Purchase114$42The company sold 263 units at $54 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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