Question
Cheyenne Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 79 $79 Mar. 14, 2022 Purchase 136 $83 May
Cheyenne Corp. had the following inventory transactions occur during 2022:
| Units | Cost/unit | |||||
|---|---|---|---|---|---|---|
| Feb. 1, 2022 | Purchase | 79 | $79 | |||
| Mar. 14, 2022 | Purchase | 136 | $83 | |||
| May 1, 2022 | Purchase | 97 | $86 |
The company sold 224 units at $111 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the companys gross profit using LIFO?
$5981
$6561
$18883
$18303
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Principles of Accounting
Authors: Needles, Powers, crosson
11th Edition
1439037744, 978-1133626985, 978-1439037744
