Dole Industries Had the Following Inventory Transactions Occur During 2014

question 237

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 FIFO? (rounded to whole dollars)

• A) $19,528
• B) $18,920
• C) $6,784
• D) $6,176

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Definitions:

Bones

The rigid organs that form part of the endoskeleton of vertebrates, providing support for the body and protection for some organs.

Displaced Oblique Fracture

A type of bone fracture where the bone breaks diagonally and the pieces move out of alignment.

Shaft

The long, narrow, central portion of an object, tool, or anatomical structure.

Left Tibia

The larger and stronger of the two bones in the lower leg, located on the medial side, commonly known as the shinbone.