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Vaughn Industries had the following inventory transactions occur during 2020: Units Cost/unit 2/1/20 Purchase 56 $48 3/14/20 Purchase 120 $48 5/1/20 Purchase 69 $55 The
Vaughn Industries had the following inventory transactions occur during 2020:
Units | Cost/unit | ||
---|---|---|---|
2/1/20 | Purchase | 56 | $48 |
3/14/20 | Purchase | 120 | $48 |
5/1/20 | Purchase | 69 | $55 |
The company sold 154 units at $70 each and has a tax rate of 30%. There is no beginning inventory. Assuming that a periodic inventory system is used, what is the companys gross profit using FIFO? (rounded to whole dollars)
$3388
$7875
$2905
$7392
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