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Accounting homework!!!!!?

Taxes! We hate paying them, so let's discuss maximizing tax deductions!

Accounting homework!!!!!?

Postby mackinley » Sun Jan 01, 2012 6:01 am

Dole Industries had the following inventory transactions occur during 2010:





Units
Cost/unit


Feb. 1, 2010

Purchase
54
$45


Mar. 14, 2010

Purchase
93
$47


May 1, 2010

Purchase
66
$49



The company sold 153 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)


$7,323


$2,544


$7,095


$2,316

Show how you got the answer pls :)
mackinley
 
Posts: 868
Joined: Mon Mar 21, 2011 5:24 am

Accounting homework!!!!!?

Postby bramwell8 » Sun Jan 01, 2012 6:04 am

Sure...

For your problem, the data is mashed up... For better answer, you might want to revise your problem in diagram, so there is a way to determine the gross profit.

Good luck!
bramwell8
 
Posts: 863
Joined: Mon Mar 21, 2011 3:12 pm


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