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

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Definitions:

Profit Under

Typically a clerical error; if meant to be "Profit and Under," there is no clear definition. NO.

Unmet Needs

Demands or requirements of consumers or markets that are currently not being satisfied by existing products or services.

Consumer Base

Refers to the group of potential or actual buyers of a product or service.

Structural Risks

Associated with the possibility of loss due to the physical structure or fundamental nature of a business or industry, affecting its stability and profitability.