Cheyenne Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 95 $40 Mar. 14, 2022 Purchase 164 $41 May 1, 2022 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, and operating expenses of $1584, what is the company’s after-tax income using LIFO? $1950.00 $1579.90 $2257.00 $1365.0
Cheyenne Corp. had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 95 $40 Mar. 14, 2022 Purchase 164 $41 May 1, 2022 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, and operating expenses of $1584, what is the company’s after-tax income using LIFO? $1950.00 $1579.90 $2257.00 $1365.0
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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Cheyenne Corp. had the following inventory transactions occur during 2022:
Units
|
Cost/unit
|
|||||
---|---|---|---|---|---|---|
Feb. 1, 2022
|
Purchase
|
95 | $40 | |||
Mar. 14, 2022
|
Purchase
|
164 | $41 | |||
May 1, 2022
|
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, and operating expenses of $1584, what is the company’s after-tax income using LIFO?
$1950.00
$1579.90
$2257.00
$1365.0
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