Dole Industries Had the Following Inventory Transactions Occur During 2022

question 42

Multiple Choice

Dole Industries had the following inventory transactions occur during 2022: $$\begin{array} { r l c c } & & \text { Units } & \text { Cost'unit } \\\text { Feb. } 1,2022 & \text { Purchase } & 90 & \$ 90 \\\text { Mar. 14,2022 } & \text { Purchase } & 155 & \$ 94 \\\text { May 1, } 2022 & \text { Purchase } & 110 & \$ 98\end{array}$$ The company sold 255 units at $126 each and has a tax rate of 30%.Assuming that a periodic inventory system is used and operating expenses of $2500 what is the company's after-tax income using LIFO? (rounded to whole dollars)

• A)$5220
• B)$5404
• C)$4186
• D)$3654

Identify the characteristics and purposes of different types of storage classes (auto, static, extern, register).

Interpret how local and global variables operate within the context of functions.

Grasp the automatic class assignment to variables and its implications.

Comprehend the lifecycle of variables based on their storage class, especially the behavior of local auto variables.

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Definitions:

Accounting Choices

The various decisions that management makes regarding the principals, methods, and practices followed in an accounting system.

Equity Book Value

The net asset value of a company as recorded on the balance sheet, calculated as total assets minus liabilities, often used to assess a company's worth.

GAAP Balance Sheet

A balance sheet prepared following Generally Accepted Accounting Principles, showcasing a company's financial position including assets, liabilities, and equity at a specific point in time.

Historical Cost

Historical cost refers to the original monetary value of an asset or expenditure recorded at the time of transaction, without adjusting for inflation or changes in market value.