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Waterway Industries had the following inventory transactions occur during 2020: ...

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Question

Accounting

Waterway Industries had the following inventory transactions occur during 2020:

Units

Cost/unit

2/1/20

Purchase

 56 $ 42

3/14/20

Purchase

 96 $ 41

5/1/20

Purchase

 69 $ 49

The company sold 159 units at $ 70 each and has a tax rate of 40%. There is no beginning inventory. Assuming that a periodic inventory system is used, what is the companys gross profit using LIFO? (rounded to whole dollars)

$ 4059

$ 4383

$ 6575

$ 7071

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