Hogan Industries Had the Following Inventory Transactions Occur During 2022

question 140

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 FIFO? (rounded to whole dollars)

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

Recognize the benefits of specialization and trading based on comparative advantage.

Identify how resource endowments influence a nation's trade patterns.

Analyze the role of production possibilities curves in comparing national production capabilities.

Examine how differences in production costs between nations facilitate international trade.

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Definitions:

Piece-Rate System

A compensation system where employees are paid a fixed rate for each unit of production completed, incentivizing productivity.

Fixed Interval Schedule

A reinforcement schedule in operant conditioning where rewards are provided after a set period of time for the desired behavior.

Reinforcement

In psychology, a process by which a stimulus increases the likelihood of the behavior that it follows.

Continuous Reinforcement

A method of learning that involves providing a reward immediately after the desired behavior is exhibited, each and every time.