Nash's Trading Post, LLC had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1,...
Nash's Trading Post, LLC had the following inventory transactions occur during 2022:
|
Units |
Cost/unit |
|||||
|---|---|---|---|---|---|---|
|
Feb. 1, 2022 |
Purchase |
80 | $33 | |||
|
Mar. 14, 2022 |
Purchase |
138 | $35 | |||
|
May 1, 2022 |
Purchase |
98 | $36 |
The company sold 226 units at $47 each and has a tax rate of 30%.
Assuming that a periodic inventory system is used, and operating
expenses of $1332, what is the company’s after-tax income using
LIFO?
A. $1072.40
B. $1282.00
C. $897.40
D. $1532.00
Homework Answers
Answer:
Option C: $ 897.40
Calculation:
As pe LIFO,
COGS = (98 * 36) + (128 * 35)
= $ 3,528 + $ 4,480
= $ 8,008
Profit before tax = Sales (-) COGS (-) Operating expenses
= (226*47) (-) 8,008 (-) 1,332
= $ 1,282
Profit after tax = $ 1,282 * 70%
= $ 897.40
In case of any doubt, please comment.
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