Romanoff Industries had the following inventory transactions occur during 2018: 
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 LIFO? (rounded to whole dollars)
A) $3,318
B) $3,552
C) $6,948
D) $7,182
Correct Answer:
Verified
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