Acme Industries had the following inventory transactions occur during 2025: Units Cost/unit Purchase 108 $45 Feb. 1, 2025 Mar. 14, 2025 Purchase 186 $47 May 1, 2025 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 and operating expenses of $1,800, what is the company's net income using FIFO? (rounded to the nearest dollar) O $4.982 O $3,288 O $2,832 $2,302
Acme Industries had the following inventory transactions occur during 2025: Units Cost/unit Purchase 108 $45 Feb. 1, 2025 Mar. 14, 2025 Purchase 186 $47 May 1, 2025 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 and operating expenses of $1,800, what is the company's net income using FIFO? (rounded to the nearest dollar) O $4.982 O $3,288 O $2,832 $2,302
Chapter10: Inventory
Section: Chapter Questions
Problem 16PA: Use the following information relating to Clover Company to calculate the inventory turnover ratio,...
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![Acme Industries had the following inventory transactions occur during 2025:
Units
Cost/unit
Purchase
108
$45
Feb. 1, 2025
Mar. 14, 2025
Purchase
186
$47
May 1, 2025
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
and operating expenses of $1,800, what is the company's net income using FIFO? (rounded to the nearest dollar)
O $2.982
$3,288
$2,832
O $2,302](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F95f43876-f112-44e5-b0ac-44c6f35bf50e%2F77ad140f-5139-46bc-bf24-0e5f8d8d08af%2F3etq6t6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Acme Industries had the following inventory transactions occur during 2025:
Units
Cost/unit
Purchase
108
$45
Feb. 1, 2025
Mar. 14, 2025
Purchase
186
$47
May 1, 2025
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
and operating expenses of $1,800, what is the company's net income using FIFO? (rounded to the nearest dollar)
O $2.982
$3,288
$2,832
O $2,302
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