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Sheffield Industries had the following inventory transactions occur during 2020: ...

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Question

Accounting

Sheffield Industries had the following inventory transactions occur during 2020:

Units

Cost/unit

2/1/20

Purchase

 55 $40

3/14/20

Purchase

 90 $42

5/1/20

Purchase

 66 $46

The company sold 140 units at $60 each and has a tax rate of 40%. There is no beginning inventory. Assuming that a periodic inventory system is used, what is the companys after-tax income using FIFO? (rounded to whole dollars)

$2630

$2256

$1578

$1411

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