Dole Industries had the following inventory transactions occur during 2014: The company sold 204 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 LIFO? (rounded to whole dollars)
A) $19,528
B) $18,920
C) $6,784
D) $6,176

Question

Dole Industries had the following inventory transactions occur during 2014:  The company sold 204 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 LIFO? (rounded to whole dollars)
A) $19,528 
B) $18,920 
C) $6,784 
D) $6,176

Quizplus · Accepted Answer

The Answer of Dole Industries had the following inventory transactions occur during 2014:  The company sold 204 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 LIFO? (rounded to whole dollars)
A) $19,528 
B) $18,920 
C) $6,784 
D) $6,176

Dole Industries Had the Following Inventory Transactions Occur During 2014