Whispering Winds Corp. had the following inventory transactions occur during 2022: ...
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Accounting
Whispering Winds Corp. had the following inventory transactions occur during 2022:
Units
Cost/unit
Feb. 1, 2022
Purchase
99
$ 41
Mar. 14, 2022
Purchase
171
$ 43
May 1, 2022
Purchase
121
$ 45
The company sold 282 units at $ 58 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the companys gross profit using LIFO?
$ 4404
$ 12368
$ 11952
$ 3988
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