Lee Industries Had the Following Inventory Transactions Occur During 2011

question 18

Multiple Choice

Lee Industries had the following inventory transactions occur during 2011: $\begin{array}{llll}&&\text { Units }&\text { Cost/unit }\\2 / 1 / 11 & \text { Purchase } & 54 & \$ 45 \\3 / 14 / 11 & \text { Purchase } & 93 & \$ 47 \\5 / 1 / 11 & \text { Purchase } & 66 & \$ 49\end{array}$
The company sold 153 units at $\$ 63$ 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) \( \$ 7,323 \)
• B) \( \$ 7,095 \)
• C) \( \$ 2,544 \)
• D) \( \$ 2,316 \)

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