Multiple Choice Question 114

Dole Industries had the following inventory transactions occur during 2017:

				Units		Cost/unit
Feb. 1, 2017		Purchase		108.0		$108.0
Mar. 14, 2017		Purchase		186.0		$113.0
May 1, 2017		Purchase		132.0		$118.0

The company sold 306.0 units at $151.0 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s gross profit using FIFO? (rounded to whole dollars)

$35238

$34098

$12108

$10968

Multiple Choice Question 110
Hogan Industries had the following inventory transactions occur during 2017:
Units Cost/unit
Feb. 1, 2017 Purchase 93 $39
Mar. 14, 2017 Purchase 160 $40
May 1, 2017 Purchase 114 $42

The company sold 263 units at $54 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company’s gross profit using FIFO? (rounded to whole dollars)

A $10447
B $10748
C $3755

D $3454

Answer rating: 100% (QA)

1 Cost of goods sold 10810818611312118 34098 Sales ... View the full answer