Pharoah Company had the following inventory transactions occur during 2022 Units Cost unit Feb 1, 2022 Purchase 134 $ 56 Mar 14, 2022 Purchase 231 $ 58 May 1, 2022 Purchase 164 $ 61 The company sold 379 units at $ 78 each and has a tax rate of 30 Assuming that a periodic inventory system is used, w...

Pharoah Company had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 134

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Pharoah Company had the following inventory transactions occur during 2022:

		Units	Cost/unit
Feb. 1, 2022	Purchase	134	$56
Mar. 14, 2022	Purchase	231	$58
May 1, 2022	Purchase	164	$61

The company sold 379 units at $78 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?

$7806$7088$22474$21756

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Cornerstones of Managerial Accounting

ISBN: 978-1305103962

6th edition

Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

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Posted Date: Jan 16, 2022 08:39 PM

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Pharoah Company had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 134

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Cornerstones of Managerial Accounting

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