Dole Industries had the following inventory transactions occur during 2017: $\begin{array}{lllll}&&\text { Units } & \text { Cost/unit } \
\text { Feb. 1.2017 } & \text { Purchase } & 90 & \$ 90 \
\text { Mar. 14.2017 } & \text { Purchase } & 155 & \$ 94 \
\text { Mav 1.2017 } & \text { Purchase } & 110 & \$ 98
\end{array}$ The company sold 255 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)$24,410
B)$23,650
C)$8,480
D)$7,720

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The Answer of Dole Industries had the following inventory transactions occur during 2017: $\begin{array}{lllll}&&\text { Units } & \text { Cost/unit } \
\text { Feb. 1.2017 } & \text { Purchase } & 90 & \$ 90 \
\text { Mar. 14.2017 } & \text { Purchase } & 155 & \$ 94 \
\text { Mav 1.2017 } & \text { Purchase } & 110 & \$ 98
\end{array}$ The company sold 255 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)$24,410
B)$23,650
C)$8,480
D)$7,720

Dole Industries Had the Following Inventory Transactions Occur During 2017