Romanoff Industries had the following inventory transactions occur during 2018: 
The company sold 150 units at $70 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)
Definitions:
Young Adulthood
A life stage that typically covers the late teens through the twenties, characterized by significant physical, emotional, and social development.
Late Adolescence
Late adolescence typically refers to the period from ages 15 to 18, characterized by significant physical, psychological, and social developments as individuals transition to adulthood.
Extended Adolescence
A period in which individuals maintain adolescent behaviors and attitudes beyond the traditional age range for adolescence.
Formal Operations
Piaget's theory of cognitive development culminates in this stage, where individuals can reason in a logical, abstract, and organized manner.
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