Lee Industries had the following inventory transactions occur during 2010: The company sold 51 units at $63 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)
A) $772
B) $848
C) $594
D) $540

Question

Lee Industries had the following inventory transactions occur during 2010:  The company sold 51 units at $63 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)
A) $772 
B) $848 
C) $594 
D) $540

Quizplus · Accepted Answer

The Answer of Lee Industries had the following inventory transactions occur during 2010:  The company sold 51 units at $63 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)
A) $772 
B) $848 
C) $594 
D) $540

Lee Industries Had the Following Inventory Transactions Occur During 2010