Romanoff Industries Had the Following Inventory Transactions Occur During 2018

question 172

Multiple Choice

Romanoff Industries had the following inventory transactions occur during 2018: The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars)

• A) $3,318
• B) $3,552
• C) $6,948
• D) $7,182

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