Dole Industries Had the Following Inventory Transactions Occur During 2022

Dole Industries had the following inventory transactions occur during 2022: $$\begin{array} { r l c c } & & \text { Units } & \text { Cost'unit } \\\text { Feb. } 1,2022 & \text { Purchase } & 90 & \$ 90 \\\text { Mar. 14,2022 } & \text { Purchase } & 155 & \$ 94 \\\text { May 1, } 2022 & \text { Purchase } & 110 & \$ 98\end{array}$$ The company sold 255 units at $126 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? (rounded to whole dollars)

A) $24410
B) $23650
C) $8480
D) $7720

Correct Answer:

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