Hogan Industries Had the Following Inventory Transactions Occur During 2014

question 97

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 and operating expenses of $600, what is the company's after-tax income using FIFO? (rounded to whole dollars)

• A) $944
• B) $1,096
• C) $767
• D) $661

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Definitions:

Trophic Level

Position of an organism in a food chain.

Chaparral Biome

A biome characterized by dense, spiny shrubs and a Mediterranean climate, with hot, dry summers and mild, wet winters, typically found in California and the Mediterranean region.

Primary Production

The rate at which an ecosystem’s producers capture and store energy.