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Romanoff Industries had the following inventory transactions occur during 2013: The company sold 50 units at $70 each and has a tax rate of 30%.

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Romanoff Industries had the following inventory transactions occur during 2013: 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 companys after-tax income using LIFO? (rounded to whole dollars) a. $774 b. $829 c. $1,106 d. $1,184

Purchase Purchase Purchase Units 18 31 Cost/unit $45 $47 $49 3/14/13

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