Hogan Industries Had the Following Inventory Transactions Occur During 2014

question 150

Multiple Choice

Hogan Industries had the following inventory transactions occur during 2014: The company sold 102 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars)

• A) $4,882
• B) $4,730
• C) $1,696
• D) $1,544

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