Question

Hogan Industries had the following inventory transactions occur during 2019: ………………………………….Units…………… Cost/unit Purchase on Feb. 1,...

Hogan Industries had the following inventory transactions occur during 2019:

………………………………….Units…………… Cost/unit

Purchase on Feb. 1, 2019……….135 ……………….$37

Purchases on Mar. 14, 2019…….156 ……………….$39

Purchases on May 1, 2019 .……..150………………..$41

The company sold 306 units at $55 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)

Select one:

A. $4,596

B. $5,136

C. $3,217.2

D. $3,595.2

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Answer #1

Answer: Option ( A ) $4,596

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