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ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per unit. ABC Company had the following inventory information available for the month of May:
May 1 Beginning inventory 1,600 units @ $12 cost per unitMay 8 Sold 1,100 unitsMay 13 Purchased 1,700 units @ $24 cost per unitMay 18 Sold 1,000 unitsMay 21 Purchased 1,500 units @ $18 cost per unitMay 28 Sold 800 unitsMay 30 Purchased 1,200 units @ $20 cost per unit
During May, ABC Company reported operating expenses of $5,000 and had an income tax rate of 36%.
Question 1: Calculate the amount of net income reported on ABC Company's income statement for May using the LIFO method.
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