Solved: What is the company gross profit using lifo, Cost Accounting

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What is the company gross profit using lifo

Response to the following problem:

Hogan Industries had the following inventory transactions occur during 2012: Units Cost/Unit

Feb.1, 2012 Purchase 18 $45

Mar. 14, 2012 Purchase 31 $47

May 1, 2012 Purchase 22 $49

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 gross profit using LIFO? (rounded to whole dollars)

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