Dole Industries had the following inventory transactions occur during 2010: Units Cost/unit Feb. 1, 2010 Purchase 54

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Dole Industries had the following inventory transactions occur during 2010:

Units Cost/unit

Feb. 1, 2010 Purchase 54 $45

Mar. 14, 2010 Purchase 93 $47

May 1, 2010 Purchase 66 $49

The company sold 153 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? (rounded to whole dollars)

A) $7,323

B) $7,095

C) $2,544

D) $2,316

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Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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Question Posted: Apr 13, 2012 07:25 AM

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Dole Industries had the following inventory transactions occur during 2010: Units Cost/unit Feb. 1, 2010 Purchase 54

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Opening stock 54 45 2430 Purchases 93 47 4371 ...View the full answer

Accounting Principles Part 1

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