Romanoff Industries Had the Following Inventory Transactions Occur During 2015

question 90

Multiple Choice

Romanoff Industries had the following inventory transactions occur during 2015: $$\begin{array} { l l c c } & & \text { Units } & \text { Cost/unit } \\2 / 1 / 15 & \text { Purchase } & 54 & \$ 45 \\3 / 14 / 15 & \text { Purchase } & 93 & \$ 47 \\5 / 1 / 15 & \text { Purchase } & 66 & \$ 49\end{array}$$ 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

Understand the impact of stock transactions such as stock splits and reverse stock splits on market price, liquidity, and shareholder value.

Comprehend the reasons and implications of different dividend policies and practices.

Identify the significance of flotation costs on a firm's financial strategies.

Recognize the rights and entitlements of shareholders in relation to dividend distributions.

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