Dole Industries Had the Following Inventory Transactions Occur During 2014

question 38

Multiple Choice

Dole Industries had the following inventory transactions occur during 2014: The company sold 204 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) $19,528
• B) $18,920
• C) $6,784
• D) $6,176

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Definitions:

Hierarchy

A system or organization in which people or groups are ranked one above the other according to status or authority.

Ethnic Categories

Classifications of individuals into groups based on shared cultural, linguistic, or ancestral characteristics.

Colourblindness

Refers to a range of genetic conditions where the affected individuals are unable to see colors in the normal way.

White Privilege

The societal privileges that benefit white people over non-white people in some societies, often without being aware of it.