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Romanoff Industries had the following inventory transactions occur during 2015: Units Cost/unit 2/1/15 Purchase 54 $45 3/14/15 Purchase 93 $47 5/1/15 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 LIFO? (rounded to whole dollars) Please explain it for me

$7,182 $3,318 $3,552 $6,948

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