Hogan Industries Had the Following Inventory Transactions Occur During 2022

question 35

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 and operating expenses of $1800 what is the company's after-tax income using LIFO? (rounded to whole dollars)

• A)$2832
• B)$3288
• C)$2302
• D)$1982

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Definitions:

Federal Government

The national government of a federal country, which holds the authoritative powers conferred to it by a constitution.

Deficit

A deficit occurs when an entity's expenditures exceed its revenues over a specified period, often referring to government budgets.

Surplus

The situation in which the quantity supplied of a good exceeds the quantity demanded, often resulting in downward pressure on the price.

Thomas Robert Malthus

An English economist and demographer best known for his theory that population growth will outpace agricultural production, leading to widespread poverty and famine.