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What is the gross profit for the period

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Reference no: EM132052629

Coronado Company's inventory records show the following data:

   Units Unit Cost

Inventory, January 1  9700$9.00 9700 $9.00

Purchases:    June 18  95009.00          9500    9,00

November 8  55008.00 5500 8.00

A physical inventory on December 31 shows 4400 units on hand. Coronado sells the units for $11 each. The company has an effective tax rate of 20%. Coronado uses the periodic inventory method. If the company uses FIFO, what is the gross profit for the period?

a-$41700

b-$46660

c-$46100

d-$45966

Reference no: EM132052629

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