Lee Industries had the following inventory transactions occur during 2010: 
The company sold 51 units at $63 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)
Definitions:
Price-Elasticity Coefficient
A gauge for understanding how the quantity of a product demanded reacts to price adjustments.
Sales Quantity
The total number of units of a product or service sold within a specific period.
Demand Schedule
A table that shows the quantity of a good or service that people will purchase at various prices over a specified period.
Total Revenues
The total income received by a firm from its sales of goods or services, calculated by multiplying the selling price by the quantity sold.
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