Hogan Industries had the following inventory transactions occur during 2014: $\begin{array}{cccc}
&&\text { Units } & \text { Cost/unit } \
\text { Feb. 1,2014 } & \text { Purchase } & \text {36 } & \text { \$ 45 } \
\text { Mar. 14, 2014 } & \text { Purchase } & 62 & \$ 47 \
\text { May 1, 2014 } & \text { Purchase } & 44 & \$ 49 \
&
\end{array}$ The company sold 102 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)

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The Answer of Hogan Industries had the following inventory transactions occur during 2014: $\begin{array}{cccc}
&&\text { Units } & \text { Cost/unit } \
\text { Feb. 1,2014 } & \text { Purchase } & \text {36 } & \text { \$ 45 } \
\text { Mar. 14, 2014 } & \text { Purchase } & 62 & \$ 47 \
\text { May 1, 2014 } & \text { Purchase } & 44 & \$ 49 \
&
\end{array}$ The company sold 102 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)

Hogan Industries Had the Following Inventory Transactions Occur During 2014