Romanoff Industries had the following inventory transactions occur during 2015: $$\begin{array} { l l c c }
& & \text { Units } & \text { Cost/unit } \
2 / 1 / 15 & \text { Purchase } & 54 & \$ 45 \
3 / 14 / 15 & \text { Purchase } & 93 & \$ 47 \
5 / 1 / 15 & \text { Purchase } & 66 & \$ 49
\end{array}$$ The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars)

Question

Romanoff Industries had the following inventory transactions occur during 2015: $$\begin{array} { l l c c } 
& & \text { Units } & \text { Cost/unit } \
2 / 1 / 15 & \text { Purchase } & 54 & \$ 45 \
3 / 14 / 15 & \text { Purchase } & 93 & \$ 47 \
5 / 1 / 15 & \text { Purchase } & 66 & \$ 49
\end{array}$$ The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars)

Quizplus · Accepted Answer

The Answer of Romanoff Industries had the following inventory transactions occur during 2015: $$\begin{array} { l l c c } 
& & \text { Units } & \text { Cost/unit } \
2 / 1 / 15 & \text { Purchase } & 54 & \$ 45 \
3 / 14 / 15 & \text { Purchase } & 93 & \$ 47 \
5 / 1 / 15 & \text { Purchase } & 66 & \$ 49
\end{array}$$ The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO? (rounded to whole dollars)

Romanoff Industries Had the Following Inventory Transactions Occur During 2015