Question
Nash's Trading Post, LLC had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 80 $33 Mar. 14, 2022 Purchase 138
Nash's Trading Post, LLC had the following inventory transactions occur during 2022:
| Units | Cost/unit | |||||
|---|---|---|---|---|---|---|
| Feb. 1, 2022 | Purchase | 80 | $33 | |||
| Mar. 14, 2022 | Purchase | 138 | $35 | |||
| May 1, 2022 | 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?
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
