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What is the company gross profit using lifo

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Reference no: EM133150004

Question - Bonita Industries had the following inventory transactions occur during 2020:

Units

Cost/unit

2/1/20

Purchase

60

$44

3/14/20

Purchase

91

$40

5/1/20

Purchase

65

$54

The company sold 144 units at $60 each and has a tax rate of 40%. There is no beginning inventory. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO?

Reference no: EM133150004

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