97.
Romanoff Industries had the following inventory transactions occur during 2015: 2/1/15 3/14/15 5/1/15
Purchase Purchase Purchase
Units 54 93 66
Cost/unit $45 $47 $49
The company sold 150 units at $70 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) a. $3,318 b. $3,552 c. $6,948 d. $7,182
98.
Romanoff Industries had the following inventory transactions occur during 2015: 2/1/15 3/14/15 5/1/15
Purchase Purchase Purchase
Units 54 93 66
Cost/unit $45 $47 $49
The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s after-tax income using LIFO? (rounded to whole dollars) a. $2,323 b. $2,486 c. $3,318 d. $3,552
99.
Romanoff Industries had the following inventory transactions occur during 2015: 2/1/15 3/14/15 5/1/15
Purchase Purchase Purchase
Units 54 93 66
Cost/unit $45 $47 $49
The company sold 150 units at $70 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) a. $3,318