What is the company gross profit using FIFO

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Question - The following inventory transactions occur during 2014:

Units Cost/unit

2/1/20 Purchase 60 $50

3/14/20 Purchase 95 $42

5/1/20 Purchase 61 $47

The company sold 150 units at $80 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?

Reference no: EM132156222

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