Final answer:
Without the cost of inventory, we cannot calculate gross profit using LIFO; the tax rate applies to net income rather than gross profit.
Step-by-step explanation:
To calculate the company's gross profit using Last-In, First-Out (LIFO), we need to determine the cost of goods sold (COGS) under this inventory accounting method. However, the information provided does not include the cost of inventory or the cost at which the company purchased the goods it sold. Without this information, we cannot calculate the COGS or the gross profit.
Typically, in a LIFO system, the latest (most recent) costs of purchased goods are the first to be removed from the inventory and included in COGS. For the purpose of this example, if the company had purchased the units at a certain cost, we would subtract the COGS from the sales revenue, not forgetting to include any additional expenses such as taxes to find the gross profit. As the tax rate is mentioned, we can infer that it is applied to the net income, not directly to the calculation of gross profit.