Waterway Company's inventory records show the following data: Unit Units Cost Inventory, January 1 10000 $9.20 Purchases: June 18 9000 7.00 November 8 6000 8.00 A physical inventory on December 31 shows 4500 units on hand. Waterway sells the units for $11 each. The company has an effective tax rate of 18 %. Waterway uses the periodic inventory method. If the company uses FIFO, what is the gross profit for the period? $63900 $62766 $58500 $63460 Save for Later Attempts: 0 of 1 used Submit