Hogan Industries had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 108 $45 Mar. 14, 2022 Purchase 186 $47 May 1, 2022 Purchase 132 $49 The company sold 306 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 LIFO? (rounded to whole dollars)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Hogan Industries had the following inventory transactions occur during 2022:
Units
Cost/unit
Feb. 1, 2022
Purchase
108
$45
Mar. 14, 2022
Purchase
186
$47
May 1, 2022
Purchase
132
$49
The company sold 306 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 LIFO? (rounded to whole
dollars)
Transcribed Image Text:Hogan Industries had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 108 $45 Mar. 14, 2022 Purchase 186 $47 May 1, 2022 Purchase 132 $49 The company sold 306 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 LIFO? (rounded to whole dollars)
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