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I have the answers, just need work to see how to do it. Use the following information to answer questions 1-2 belo Hogan Industries had
I have the answers, just need work to see how to do it.
Use the following information to answer questions 1-2 belo Hogan Industries had the following inventory transactions oc ing inventory transactions occur during 2012: Units Cost/unit Feb. 1, 2012 Purchase 18 $45 Mar. 14, 2012 Purchase 28 31 $47 May 1, 2012 Purchase 22 $49 le company sold 51 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $300. What is the company's gross profit using LIFO? (rounded to whole dollars) A) $2,441 B) $2,365 C) $848 0 $772 2. What is the company's after-tax income using LIFO? (rounded to whole dollars) A $472 B) $548 C) $384 D) $330Step by Step Solution
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