Dole Industries Had the Following Inventory Transactions Occur During 2022

question 108

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 LIFO? (rounded to whole dollars)

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

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Definitions:

Money Creation

The process by which the money supply of a country or an economic or monetary region is increased.

Government Spending

The total expenditure incurred by a government in funding its operations and services, including infrastructure, public services, and welfare programs.

Nominal Interest Rate

The nominal interest rate represents the rate of interest before adjustments for inflation, indicating the percentage increase in money lenders earn or borrowers pay over a specific period.

Real Interest Rate

The interest rate that has been modified to account for inflation, indicating the actual cost of borrowing or the true earnings from savings.