Hogan Industries had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 95 $40 Mar. 14, 2017 Purchase 164 $41 May 1, 2017 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, what is the company's gross profit using FIFO? (rounded to whole dollars)

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Chapter10: Inventory
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Hogan Industries had the following inventory transactions occur during 2017:
Units Cost/unit
Feb. 1, 2017 Purchase
95
$40
Mar. 14, 2017 Purchase 164 $41
May 1, 2017 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, what is
the company's gross profit using FIFO? (rounded to whole dollars)
Transcribed Image Text:Hogan Industries had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 95 $40 Mar. 14, 2017 Purchase 164 $41 May 1, 2017 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, what is the company's gross profit using FIFO? (rounded to whole dollars)
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