Solved

Romanoff Industries Had the Following Inventory Transactions Occur During 2018

Question 131

Multiple Choice

Romanoff Industries had the following inventory transactions occur during 2018: Romanoff Industries had the following inventory transactions occur during 2018: The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using LIFO? (rounded to whole dollars) A) $2,323 B) $2,486 C) $3,318 D) $3,552 The company sold 150 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's after-tax income using LIFO? (rounded to whole dollars)


A) $2,323
B) $2,486
C) $3,318
D) $3,552

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q2: Companies adopt different cost flow methods for

Q59: Inventory items on an assembly line in

Q86: Which of the following statements is correct

Q130: Netta Shutters has the following inventory information.

Q132: Washington Bottom Company reports the following for

Q133: H. Hunter Company's records indicate the following

Q134: Partridge Bookstore had 500 units on hand

Q136: Under GAAP, companies can choose which inventory

Q141: For companies that use a perpetual inventory

Q167: Disclosures about inventory should include each of