(Answered) Question - romanoff industries had the following inventory

Accounting

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?

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