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Question 3 Hogan Industries had the following inventory transactions occur during 2017: Feb. 1, 2017 Mar. 14, 2017 May 1, 2017 Purchase Purchase Purchase Units

Question 3

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Hogan Industries had the following inventory transactions occur during 2017: Feb. 1, 2017 Mar. 14, 2017 May 1, 2017 Purchase Purchase Purchase Units 130 223 158 Cost/unit $54 $56 $59 The company sold 367 units at $76 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?(rounded to whole dollars) $6866 $21026 $20334 $7558

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