Question
Romanoff Industries had the following inventory transactions occur during 2013: Units Cost/unit 2/1/13 Purchase 18 $45 3/14/13 Purchase 31 $47 5/1/13 Purchase 22 $49 The
Romanoff Industries had the following inventory transactions occur during 2013:
|
|
| Units | Cost/unit |
| 2/1/13 | Purchase | 18 | $45 |
| 3/14/13 | Purchase | 31 | $47 |
| 5/1/13 | Purchase | 22 | $49 |
The company sold 50 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars)
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Financial Accounting The Cornerstone Of Business Decision Making
Authors: Jay S Rich, Jeff Jones, Linda Ann Myers
5th Edition
0357132696, 978-0357132692
