Question
Concord Industries had the following inventory transactions occur during 2018: Units Cost/unit 2/1/18 Purchase 50 $49 3/14/18 Purchase 93 $45 5/1/18 Purchase 61 $50 The
Concord Industries had the following inventory transactions occur during 2018:
| Units | Cost/unit | ||
| 2/1/18 | Purchase | 50 | $49 |
| 3/14/18 | Purchase | 93 | $45 |
| 5/1/18 | Purchase | 61 | $50 |
The company sold 143 units at $60 each and has a tax rate of 20%. Assuming that a periodic inventory system is used, what is the companys after-tax income using FIFO? (rounded to whole dollars)
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Financial Accounting
Authors: Libby, Short
6th Edition
978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881
