Dole Industries had the following inventory transactions occur during 2022: 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

Question

Dole Industries had the following inventory transactions occur during 2022:  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

Quizplus · Accepted Answer

The Answer of Dole Industries had the following inventory transactions occur during 2022:  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 2022