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What is the company gross profit using FIFO

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Reference no: EM133041186

Question - Skysong, Inc. had the following inventory transactions occur during 2022:

 

 

Units

Cost/unit

Feb. 1, 2022

Purchase

74

$74

Mar. 14, 2022

Purchase

127

$77

May 1, 2022

Purchase

90

$80

The company sold 209 units at $103 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: EM133041186

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