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Lee Industries Had the Following Inventory Transactions Occur During 2014

Question 252

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Lee Industries had the following inventory transactions occur during 2014: Lee Industries had the following inventory transactions occur during 2014: The company sold 204 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 LIFO? (rounded to whole dollars) A) $9,764 B) $9,460 C) $3,392 D) $3,088 The company sold 204 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 LIFO? (rounded to whole dollars)


A) $9,764
B) $9,460
C) $3,392
D) $3,088

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