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Sheridan Industries had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 83.0 $83.0 Mar. 14, 2017 Purchase 143.0 $86.0 May
Sheridan Industries had the following inventory transactions occur during 2017:
Units | Cost/unit | |||||
Feb. 1, 2017 | Purchase | 83.0 | $83.0 | |||
Mar. 14, 2017 | Purchase | 143.0 | $86.0 | |||
May 1, 2017 | Purchase | 101.0 | $90.0 |
The company sold 235.0 units at $116.0 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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