Question
Assuming a periodic system, what is the net income after taxes if the company uses LIFO? 1/1 Beginning inventory 400 units at $16 1/10 Purchases
Assuming a periodic system, what is the net income after taxes if the company uses LIFO?
1/1 Beginning inventory 400 units at $16
1/10 Purchases 1,600 units at $19
1/20 Purchases 2,000 units at $22
1/15 Units sold 1,200 units at $45
Operating expenses $10,000
Tax rate 40%
A. $6,800
B. $8,960
C. $10,560
D. $13,440
show work please!
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Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555
