Cheyenne Corp. had the following inventory transactions occur during 2022:         Units   Cost/unit Feb. 1, 2022   Purchase   95   $40 Mar. 14, 2022   Purchase   164   $41 May 1, 2022   Purchase   116   $43 The company sold 269 units at $55 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1584, what is the company’s after-tax income using LIFO?   $1950.00 $1579.90 $2257.00 $1365.0

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Cheyenne Corp. had the following inventory transactions occur during 2022:
       
Units
 
Cost/unit
Feb. 1, 2022
 
Purchase
  95   $40
Mar. 14, 2022
 
Purchase
  164   $41
May 1, 2022
 
Purchase
  116   $43

The company sold 269 units at $55 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1584, what is the company’s after-tax income using LIFO?

 

$1950.00
$1579.90
$2257.00
$1365.0
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