Question
Pharoah Company had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 134 $ 56 Mar. 14, 2022 Purchase 231 $
Pharoah Company had the following inventory transactions occur during 2022:
| Units | Cost/unit | |||||
|---|---|---|---|---|---|---|
| Feb. 1, 2022 | Purchase | 134 | $56 | |||
| Mar. 14, 2022 | Purchase | 231 | $58 | |||
| May 1, 2022 | Purchase | 164 | $61 |
The company sold 379 units at $78 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s gross profit using LIFO?
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Cornerstones of Managerial Accounting
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
6th edition
1305103963, 978-1305548909, 1305548906, 978-1305103962
