Problem: Hogan Industries had the following inventory transactions occur during 2017:
Units Cost/unit
Feb. 1, 2017 Purchase 108 $45
Mar. 14, 2017 Purchase 186 $47
May 1, 2017 Purchase 132 $49
Required: The Company sold 306 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $1800, what is the company's after-tax income using LIFO?
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