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Oriole Industries had the following inventory transactions occur during 2020: Units Cost/unit $41 $47 $52 2/1/20 Purchase 51 3/14/20 Purchase 92 5/1/20 Purchase 60 The company sold 140 units at $80 each and has a tax rate of 20%. There is no beginning inventory. Assuming that a periodic inventor system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars) O $4926 O $3788 O $4320 O $3941

Oriole Industries had the following inventory transactions occur during 2020: Units Cost/unit $41 $47 $52 2/1/20 Purchase 51 3/14/20 Purchase 92 5/1/20 Purchase 60 The company sold 140 units at $80 each and has a tax rate of 20%. There is no beginning inventory. Assuming that a periodic inventor system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars) O $4926 O $3788 O $4320 O $3941

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Oriole Industries had the following inventory transactions occur during 2020: Units Cost/unit $41 $47 $52 2/1/20 Purchase 51 3/14/20 Purchase 92 5/1/20 Purchase 60 The company sold 140 units at $80 each and has a tax rate of 20%. There is no beginning inventory. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars) O $4926 O $3788 O $4320 O $3941
Transcribed Image Text:Oriole Industries had the following inventory transactions occur during 2020: Units Cost/unit $41 $47 $52 2/1/20 Purchase 51 3/14/20 Purchase 92 5/1/20 Purchase 60 The company sold 140 units at $80 each and has a tax rate of 20%. There is no beginning inventory. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars) O $4926 O $3788 O $4320 O $3941
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