Homework Answers
Cost of Goods Sold under lifo
= (153*57)+(355-153)*55
= 8721 + 11,110 = 19831
Gross profit = Sales - Cost of Goods Sold
= (355*73) - 19831 = 6084
Operating income = 6084 - 2088 = 3998
After tax income = 3998 - 30%
= 2797
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