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Assuming that a periodic inventory system is used and

QUESTION - Dole Industries had the following inventory transactions occur during 2017:

		Units	Cost Unit
Feb. 1, 2017	Purchase	90	$90
Mar. 14, 2017	Purchase	155	$94
May 1, 2017	Purchase	110	$98

The company sold 255 units at $126 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $2,500, what is the company's after-tax income using LIFO?

$5,220

$5,404

$4,186

$3,654

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Accounting Basics: Assuming that a periodic inventory system is used and

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