Romanoff Industries Had the Following Inventory Transactions Occur During 2022

question 148

Multiple Choice

Romanoff Industries had the following inventory transactions occur during 2022: The company sold 150 units at $70 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)$3,318
• B)$3,552
• C)$6,948
• D)$7,182

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Definitions:

Family Business Feud

What occurs when family members have major disagreements over how the business should be run.

Work Responsibilities

The duties and tasks assigned to an employee as part of their job role.

Business Strategy

A plan of action designed to achieve a long-term or overall aim within the business sector, considering internal and external factors.

Succession Problem

The issue of who will run a business when the current head leaves.