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, and operating expenses of $1332, what is the companys after-tax income using LIFO?
A. $1072.40
B. $1282.00
C. $897.40
D. $1532.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting
Authors: David Spiceland
6th Edition
1260786528, 9781260786521
