Hogan Industries Had the Following Inventory Transactions Occur During 2014

question 223

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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Definitions:

Recommended Calorie Intake

The advised amount of energy intake from food and drinks to support an individual’s lifestyle and health needs.

1,200 Calories

A dietary energy intake level often cited for weight loss diets, providing a daily calorie goal that is lower than the average requirement for adults.

Genetic Engineering

The direct manipulation of an organism's genes using biotechnology to alter its characteristics.

Organic

Refers to foods that are grown or produced without the use of synthetic pesticides, chemical fertilizers, genetically modified organisms, or ionizing radiation.