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What is the company gross profit using fifo

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Reference no: EM132099243

Question - Romanoff Industries had the following inventory transactions occur during 2014:

Units

Cost/Unit

2/1/14

Purchase

54

$45

3/14/14

Purchase

93

$47

5/1/14

Purchase

66

$49

The company sold 150 units at $70 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?

Reference no: EM132099243

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