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, what is the company's gross profit using FIFO? (rounded to whole dollars)
A) $4,882
B) $4,730
C) $1,696
D) $1,544

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, what is the company's gross profit using FIFO? (rounded to whole dollars)
A) $4,882 
B) $4,730 
C) $1,696 
D) $1,544

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, what is the company's gross profit using FIFO? (rounded to whole dollars)
A) $4,882 
B) $4,730 
C) $1,696 
D) $1,544

Hogan Industries Had the Following Inventory Transactions Occur During 2014