Waterway Industries had the following inventory transactions occur during 2020:

		Units	Cost/unit
2/1/20	Purchase	56	$ 42
3/14/20	Purchase	96	$ 41
5/1/20	Purchase	69	$ 49

The company sold 159 units at $ 70 each and has a tax rate of 40%. There is no beginning inventory. Assuming that a periodic inventory system is used, what is the companys gross profit using LIFO? (rounded to whole dollars)

$ 4059

$ 4383

$ 6575

$ 7071