QUESTION - Dole Industries had the following inventory transactions occur during 2017:
|
|
|
Units
|
Cost Unit
|
|
Feb. 1, 2017
|
Purchase
|
90
|
$90
|
|
Mar. 14, 2017
|
Purchase
|
155
|
$94
|
|
May 1, 2017
|
Purchase
|
110
|
$98
|
The company sold 255 units at $126 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $2,500, what is the company's after-tax income using LIFO?
$5,220
$5,404
$4,186
$3,654