Multiple Choice Question 99 Crane Industries had the following inventory transactions occur during 2014: Units 2/1/20 3/14/20 5/1/20 Purchase Purchase Purchase 60 97 67 Cost/unit $47 $40 $50 The company sold 155 units at $60 each and has a tax rate of 40%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars) $6870 $2430 $6620 $2680 O Click if you would like to Show Work for this question: Open Show Work