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Lockman Company has the following information related to its inventory and sales volume for the most recent month: The illustration is a table that is
Lockman Company has the following information related to its inventory and sales volume for the most recent month: The illustration is a table that is comprised of information related to the calculation of net income for Lockman. The first column lists the three elements: Beginning inventory, Purchases, and Sales for the month. The second column second column lists the amount of units at their cost per unit. Beginning inventory is 500 units at $10 per unit. Purchases is 400 units at $20 per unit. Sales for the month is 600 units at $30 per unit. Assuming a 30% tax rate, Lockmans net income for the month will be ________ if it uses FIFO instead of LIFO
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