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ABC Company employs a periodic inventory system and sells its inventory to customers for $27 per unit. ABC Company had the following inventory information available
ABC Company employs a periodic inventory system and sells its inventory to customers for $27 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 2,400 units @ $14 cost per unit May 8 Sold 1,400 units May 13 Purchased 1,100 units @ $11 cost per unit May 18 Sold 1,200 units May 21 Purchased 1,300 units @ $17 cost per unit May 28 Sold 300 units May 30 Purchased 700 units @ $10 cost per unit During May, ABC Company reported operating expenses of $14,500 and had an income 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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