Current Attempt in Progress Cullumber Industries had the following inventory transactions occur during 2025, its first year of operations: Units Cost/unit Feb. 1, 2025 Purchase 92 $92 Mar. 14, 2025 Purchase 158 $96 May 1, 2025 Purchase 112 $100 The company sold 260 units at $129 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and opera expenses of $2550, what is the company's net income using LIFO? $5582.00 O $3960.18 ○ $5657.40 $3907.40

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.