Hogan Industries had the following inventory transactions occur during 2014: The company sold 102 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $600, what is the company's after-tax income using LIFO? (rounded to whole dollars)
A) $944
B) $1,096
C) $767
D) $661

Question

Hogan Industries had the following inventory transactions occur during 2014:  The company sold 102 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $600, what is the company's after-tax income using LIFO? (rounded to whole dollars)
A) $944 
B) $1,096 
C) $767 
D) $661

Quizplus · Accepted Answer

The Answer of Hogan Industries had the following inventory transactions occur during 2014:  The company sold 102 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $600, what is the company's after-tax income using LIFO? (rounded to whole dollars)
A) $944 
B) $1,096 
C) $767 
D) $661

Hogan Industries Had the Following Inventory Transactions Occur During 2014