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:

Body Alignment

The proper positioning and arrangement of body parts to maintain posture and prevent injury.

Contractures

The permanent and painful tightening of muscles, tendons, ligaments, or skin that prevents normal movement of the associated body part.

Flexor Muscles

Muscles that decrease the angle between the bones of a joint, thus performing a bending movement, usually found in the limbs.

Muscle Mass Loss

A reduction in the size or quantity of muscle fibers, often associated with aging or inactivity.