Lee Industries had the following inventory transactions occur during 2014: The company sold 204 units at $63 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)
A) $3,088
B) $3,392
C) $2,374
D) $2,160

Question

Lee Industries had the following inventory transactions occur during 2014:  The company sold 204 units at $63 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)
A) $3,088 
B) $3,392 
C) $2,374 
D) $2,160

Quizplus · Accepted Answer

The Answer of Lee Industries had the following inventory transactions occur during 2014:  The company sold 204 units at $63 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)
A) $3,088 
B) $3,392 
C) $2,374 
D) $2,160

Lee Industries Had the Following Inventory Transactions Occur During 2014