Dole Industries Had the Following Inventory Transactions Occur During 2022

question 42

Multiple Choice

Dole Industries had the following inventory transactions occur during 2022: 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 FIFO? (rounded to whole dollars)

• A)$24,410
• B)$23,650
• C)$8,480
• D)$7,720

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Definitions:

Future Earnings

The projected income a company or individual is expected to generate over a future period.

Intangible Assets

Assets that lack physical substance but have value, such as intellectual property, brand reputation, and copyrights.

Goodwill

An intangible asset representing the value of a company's brand, customer relationships, and other non-physical assets.

Recovered

Refers to the process of regaining or securing an amount of money, property, or other resource that was previously lost or owed.