Concord Industries had the following inventory transactions occur during 2020: Units Cost/unit $50 $43 $53 2/1/20 Purchase 53 3/14/20 Purchase 96 5/1/20 Purchase 61 The company sold 155 units at $70 each and has a tax rate of 30%. There is no beginning inventory. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars) O $7275 O $7036 O $3874 O $3575

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.