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:

Least of the Evils

A principle involved in decision making that opts for the less harmful or least undesirable option among several bad choices.

Process Philosophy

A philosophical approach that emphasizes becoming, change, and the dynamic nature of reality over static being or existence.

Creating Himself

The philosophical concept of an individual actively shaping their own identity, character, and essence through their choices and actions.

Creationists

Individuals or groups who support creationism, the religious belief that the universe and life originated from specific acts of divine creation.