I would put it early '40s rather than late '40s, but it's definitely not 1927. Nothing is really quite tailored enough to hit those postwar silhouettes.

The clothes and hair on the women are a lot closer to 1940 than they are 1927. 1927 is still bobbed hair and dropped waist dresses. The woman in the "blue" dress to the left has sleeves that are more typical for the end of the 1930s, and all the women's hair has the height and shape for that period too.