Question
Hogan Industries had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 80 $33 Mar. 14, 2017 Purchase 138 $35 May
Hogan Industries had the following inventory transactions occur during 2017:
| Units | Cost/unit | |||||
| Feb. 1, 2017 | Purchase | 80 | $33 | |||
| Mar. 14, 2017 | Purchase | 138 | $35 | |||
| May 1, 2017 | Purchase | 98 | $36 |
The company sold 226 units at $47 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the companys gross profit using LIFO? (rounded to whole dollars)
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
15th edition
ISBN: 978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290
