Problem
M.T. Glass, Inc. employs a periodic inventory system and sells its inventory to customers for $12.75 per unit. At June 1, 2018, M.T. Glass had 8,000 units of inventory costing $5.50 per unit on hand. During June, M.T. Glass recorded the following purchases of inventory: June 9 13,000 units purchased at $3.05 per unit June 17 9,000 units purchased at $4.25 per unit June 26 10,000 units purchased at $7.05 per unit During June, M.T. Glass sold 26,000 units, reported operating expenses of $140,000 and had an income tax rate of 35%. Calculate the amount of net income reported on M.T. Glass, Inc.'s income statement for June using the FIFO method.