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

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