Concord Industries had the following inventory transactions occur d$$ring $2020$:

Units

Cost$/$unit

$2/1/20$

Purchase

$50$

$$40$

$3/14/20$ Purchase

$91$

$$40$

$5/1/20$ Purchase

$62$

$$50$

The company sold $145$ units at $$60$ each and has a tax rate of $30\%.$ There is no beginning inventory, and no expenses other than Cost of Goods Sold and Income Tax Expense. Assuming that a periodic inventory system is used, what is the company's after$-$tax income using LIFO? $($rounded to whole dollars$)$

$$ $$1596$

$$ $$2520$

$$ $$1764$

$$ $$2280$

$$

Q$.$

Search