Lee Industries Had the Following Inventory Transactions Occur During 2010

question 72

Multiple Choice

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 FIFO? (rounded to whole dollars)

• A) $2,441
• B) $2,365
• C) $848
• D) $772

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