Nicholas Industries Had the Following Inventory Transactions Occur During 2022

question 44

Multiple Choice

Nicholas Industries had the following inventory transactions occur during 2022: $\begin{array}{llll}&&\text {Units}&\text { Cost/unit}\\\hline2 / 1 / 22 & \text { Purchase } & 54 & \$ 45 \\3 / 14 / 22 & \text { Purchase } & 93 & \$ 47 \\5 / 1 / 22 & \text { Purchase } & 66 & \$ 49\end{array}$ The company sold 140 units at $65 each. Assume that a periodic inventory system is used, what is the company's gross profit using LIFO?

• A) $2,388
• B) $2,628
• C) $6,712
• D) $9,100

---

Definitions:

Multidisciplinary Field

An area of study that integrates knowledge and methodologies from various disciplines to explore complex problems or topics.

Organizational Behavior

The study of how individuals and groups act within the organizations where they work, focusing on improving productivity, work quality, and work environment.

Interpersonal Processes

The mechanisms through which interactions and relationships between individuals are established, maintained, and developed.

Group Behavior

The conduct and dynamics of individuals when they are part of a group, including how they communicate, influence, and relate to each other.