Hogan Industries had the following inventory transactions occur during 2017: $\begin{array}{rlll}&&\text { Units } & \text { Cost/unit } \
\text { Feb. 1,2017 } & \text { Purchase } & 108 & \$ 45 \
\text { Mar. 14,2017 } & \text { Purchase } & 186 & \$ 47 \
\text { May } 1,2017 & \text { Purchase } & 132 & \$ 49
\end{array}$ The company sold 306 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars)
A)$14,646
B)$14,190
C)$5,088
D)$4,632

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The Answer of Hogan Industries had the following inventory transactions occur during 2017: $\begin{array}{rlll}&&\text { Units } & \text { Cost/unit } \
\text { Feb. 1,2017 } & \text { Purchase } & 108 & \$ 45 \
\text { Mar. 14,2017 } & \text { Purchase } & 186 & \$ 47 \
\text { May } 1,2017 & \text { Purchase } & 132 & \$ 49
\end{array}$ The company sold 306 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars)
A)$14,646
B)$14,190
C)$5,088
D)$4,632

Hogan Industries Had the Following Inventory Transactions Occur During 2017