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What is the company gross profit using lifo

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Reference no: EM132672030

Kingbird, Inc. had the following inventory transactions occur during 2022:

                                             Units             Cost/unit

Feb. 1, 2022 Purchase     123                      $51

Mar. 14, 2022 Purchase      212                   $54

May 1, 2022 Purchase       150                  $56

Problem 1: The company sold 349 units at $72 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO?

A. $19146

B. $18505

C. $6623

D. $5982

Reference no: EM132672030

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