Hogan Industries had the following inventory transactions occur during 2022: $$\begin{array} { r l l c }
& & \text { Units } & \text { Cost/unit } \
\text { Feb. 1, 2022 } & \text { Purchase } & 108 & \$ 45 \
\text { Mar. 14,2022 } & \text { Purchase } & 186 & \$ 47 \
\text { May 1, } 2022 & \text { Purchase } & 132 & \$ 49
\end{array}$$ The company sold 306 units at $63 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)
A)$14646
B)$14190
C)$5088
D)$4632

Question

Hogan Industries had the following inventory transactions occur during 2022: $$\begin{array} { r l l c } 
& & \text { Units } & \text { Cost/unit } \
\text { Feb. 1, 2022 } & \text { Purchase } & 108 & \$ 45 \
\text { Mar. 14,2022 } & \text { Purchase } & 186 & \$ 47 \
\text { May 1, } 2022 & \text { Purchase } & 132 & \$ 49
\end{array}$$ The company sold 306 units at $63 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)
A)$14646
B)$14190
C)$5088
D)$4632

Quizplus · Accepted Answer

The Answer of Hogan Industries had the following inventory transactions occur during 2022: $$\begin{array} { r l l c } 
& & \text { Units } & \text { Cost/unit } \
\text { Feb. 1, 2022 } & \text { Purchase } & 108 & \$ 45 \
\text { Mar. 14,2022 } & \text { Purchase } & 186 & \$ 47 \
\text { May 1, } 2022 & \text { Purchase } & 132 & \$ 49
\end{array}$$ The company sold 306 units at $63 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)
A)$14646
B)$14190
C)$5088
D)$4632

Hogan Industries Had the Following Inventory Transactions Occur During 2022