Lee Industries Had the Following Inventory Transactions Occur During 2011

question 155

Multiple Choice

Lee Industries had the following inventory transactions occur during 2011: The company sold 153 units at $63 each and has a tax rate of 30%.Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars)

• A)$2,316
• B)$2,544
• C)$1,781
• D)$1,620

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