Hogan Industries had the following inventory transactions occur during 2022: 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 FIFO? (rounded to whole dollars)
A)$14,646
B)$14,190
C)$5,088
D)$4,632

Question

Hogan Industries had the following inventory transactions occur during 2022:  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 FIFO? (rounded to whole dollars)
A)$14,646 
B)$14,190 
C)$5,088 
D)$4,632

Quizplus · Accepted Answer

The Answer of Hogan Industries had the following inventory transactions occur during 2022:  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 FIFO? (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 2022