Oriole Company had the following inventory transactions occur during 2022:
Units
...
Business, 16.04.2020 00:24 lexybellx3
Oriole Company had the following inventory transactions occur during 2022:
Units
Cost/unit
Feb. 1, 2022
Purchase
121 $50
Mar. 14, 2022
Purchase
208 $53
May 1, 2022
Purchase
148 $55
The company sold 343 units at $71 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?
a.$6509
b.$17844
c.$18475
d.$5878
Answers: 2
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