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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
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