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Question - Hogan Industries had the following inventory transactions occur during 2017:
Units Cost/ unit
Feb. 1, 2017 Purchase 95 $40
Mar. 14, 2017 Purchase 164 $41
May 1, 2017 Purchase 116 $43
The company sold 269 units at $55 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)
$10954
$3841
$3534
$11261
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