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ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per unit. ABC Company reported the following inventory information for
ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per unit. ABC Company reported the following inventory information for the month of May: May 1 Beginning inventory 4,200 units @ $9 cost per unit May 6 Purchased 2,000 units @ $12 cost per unit May 8 Sold 3,000 units May 13 Purchased 2,500 units @ $6 cost per unit May 18 Sold 1,900 units May 21 Purchased 4,000 units @ $8 cost per unit May 28 Sold 2,200 units May 30 Purchased 2,300 units @ $17 cost per unit ABC Company reported operating expenses of $26,100 for May and they had a tax rate of 34%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.
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