Eneri Company's Inventory Records Show the Following Data A Physical Inventory on December 31 Shows 4,000 Units on Units

question 43

Multiple Choice

Eneri Company's inventory records show the following data: $\begin{array}{lcrr}&\text { Units }&\text { Unit Cost }\\\text { Inventory, January 1 } & 10,000 & \$ 9.20 \\\text { Purchases: } \text { June 18 } & 9,000 & 8.00 \\ \text { November 8 } & 6,000 & 7.00\end{array}$ A physical inventory on December 31 shows 4,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used?

• A) $1,760 additional taxes
• B) $992 additional taxes
• C) $786 additional taxes
• D) $992 tax savings

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