Question
Concord Corporation had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 86 $ 36 Mar. 14, 2022 Purchase 149 $
Concord Corporation had the following inventory transactions occur during 2022:
| Units | Cost/unit | |||||
|---|---|---|---|---|---|---|
| Feb. 1, 2022 | Purchase | 86 | $36 | |||
| Mar. 14, 2022 | Purchase | 149 | $38 | |||
| May 1, 2022 | Purchase | 106 | $39 |
The company sold 245 units at $50 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s gross profit using LIFO?
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
