Romanoff Industries Had the Following Inventory Transactions Occur During 2015

Multiple Choice

Romanoff Industries had the following inventory transactions occur during 2015: $\begin{array}{llll}&&\text { Units }&\text { Cost/unit }\\2 / 1 / 15 & \text { Purchase } & 54 & \$ 45 \\3 / 14 / 15 & \text { Purchase } & 93 & \$ 47 \\5 / 1 / 15 & \text { Purchase } & 66 & \$ 49\end{array}$ 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