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Lee Industries Had the Following Inventory Transactions Occur During 2010

Question 28

Multiple Choice

Lee Industries had the following inventory transactions occur during 2010: Lee Industries had the following inventory transactions occur during 2010: The company sold 51 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) $2,441 B) $2,365 C) $848 D) $772 The company sold 51 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) $2,441
B) $2,365
C) $848
D) $772

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