spins1425 spins1425

24-05-2023
Business

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Lee Industries had the following inventory transactions occur during 2010:
Units Cost/unit
2/1/10 Purchase 18 $45
3/14/10 Purchase 31 $47
5/1/10 Purchase 22 $49
The company sold 51 units at $63 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?
a. $772
b. $848
c. $2,441
d. $2,365

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