Dole Industries Had the Following Inventory Transactions Occur During 2022

question 22

Multiple Choice

Dole Industries had the following inventory transactions occur during 2022: The company sold 255 units at $126 each and has a tax rate of 30%.Assuming that a periodic inventory system is used, and operating expenses of $2,500, what is the company's after-tax income using LIFO? (rounded to whole dollars)

• A)$5,220
• B)$5,404
• C)$4,186
• D)$3,654

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Definitions:

Selfish Herd

A behavioral strategy seen in animals where individuals try to reduce their predation risk by moving to the center of a group, thus using others as a shield.

Predators

Organisms that hunt, kill, and consume other organisms for food.

Cluster

A collection of similar items or events grouped together, often for analysis or understanding patterns.

Genetically Determined

Attributes or traits that are influenced by genes inherited from an organism's parents, determining characteristics such as eye color, blood type, and susceptibility to certain diseases.