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What is the company gross profit using fifo

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Reference no: EM132672068

Whispering Winds Corp. had the following inventory transactions occur during 2022:

                                            Units              Cost/unit

Feb. 1, 2022 Purchase      83                    $83

Mar. 14, 2022 Purchase    143                   $86

May 1, 2022 Purchase       101                  $90

Problem 1: The company sold 235 units at $116 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. $20614

B. $19997

C. $7263

D. $6646

Reference no: EM132672068

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