Question and answer
Lee Industries had the following inventory transactions occur during
2010: Units Cost/unit 2/1/10 Purchase 18 $45 3/14/10 Purchase 31 $47 5/1/10 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 after-tax income using LIFO? (rounded to whole dollars) $772 $848 $594 $540
$772
Expert answered|martinfrank|Points 10|
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Asked 11/20/2012 12:51:39 AM
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