Henri Company's inventory records show the following data: $\begin{array}{llrr}
&&\text { Units }&\text { Unit Cost }\
\text { Inventory,}&\text { January 1 } & 10,000 & \$ 9.20 \
\text { Purchases: } & \text { June } 18 & 9,000 & 8.00 \
&\text { November 8 } & 6,000 & 7.25
\end{array}$

A physical inventory on December 31 shows 3000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the LIFO method cost of goods sold is
A) $29000.
B) $179900.
C) $179300.
D) $178500.

Question

Henri Company's inventory records show the following data: $\begin{array}{llrr}
&&\text { Units }&\text { Unit Cost }\
\text { Inventory,}&\text {  January 1 } & 10,000 & \$ 9.20 \
\text { Purchases: } & \text { June } 18 & 9,000 & 8.00 \
&\text { November 8 } & 6,000 & 7.25
\end{array}$

A physical inventory on December 31 shows 3000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the LIFO method cost of goods sold is
A) $29000.
B) $179900.
C) $179300.
D) $178500.

Quizplus · Accepted Answer

The Answer of Henri Company's inventory records show the following data: $\begin{array}{llrr}
&&\text { Units }&\text { Unit Cost }\
\text { Inventory,}&\text {  January 1 } & 10,000 & \$ 9.20 \
\text { Purchases: } & \text { June } 18 & 9,000 & 8.00 \
&\text { November 8 } & 6,000 & 7.25
\end{array}$

A physical inventory on December 31 shows 3000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the LIFO method cost of goods sold is
A) $29000.
B) $179900.
C) $179300.
D) $178500.

Henri Company's Inventory Records Show the Following Data A Physical Inventory on December 31 Shows 3000 Units on Units