Dole Industries Had the Following Inventory Transactions Occur During 2017

question 166

Multiple Choice

Dole Industries had the following inventory transactions occur during 2017: $\begin{array}{lllll}&&\text { Units } & \text { Cost/unit } \\\text { Feb. 1.2017 } & \text { Purchase } & 90 & \$ 90 \\\text { Mar. 14.2017 } & \text { Purchase } & 155 & \$ 94 \\\text { Mav 1.2017 } & \text { Purchase } & 110 & \$ 98\end{array}$ The company sold 255 units at $126 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)$24,410
• B)$23,650
• C)$8,480
• D)$7,720