Hogan Industries Had the Following Inventory Transactions Occur During 2022

question 143

Multiple Choice

Hogan Industries had the following inventory transactions occur during 2022: $$\begin{array} { r l l c } & & \text { Units } & \text { Cost/unit } \\\text { Feb. 1, 2022 } & \text { Purchase } & 108 & \$ 45 \\\text { Mar. 14,2022 } & \text { Purchase } & 186 & \$ 47 \\\text { May 1, } 2022 & \text { Purchase } & 132 & \$ 49\end{array}$$ The company sold 306 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 LIFO? (rounded to whole dollars)

• A)$14646
• B)$14190
• C)$5088
• D)$4632

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Definitions:

Performance Data

Information and statistics that measure the output, efficiency, or effectiveness of an individual, group, or organization's work.

Retail Store Manager

An individual responsible for overseeing the daily operations of a retail store, including sales, staff management, and inventory control.

Diagnosis Process

A systematic method used to identify and determine the nature and cause of a problem or disease.

Feedback Session

A structured meeting where constructive criticism, praise, and suggestions for improvement are communicated to an individual or team.