Calculate the amount of net income reported on abc companys

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Reference no: EM13590383

ABC Company employs a periodic inventory system and sells its inventory to customers for $15 per unit. ABC Company had the following inventory information available for the month of May:

May 1    Beginning inventory 180 units @ $5.00 cost per unit
May 3    Purchased 270 units @ $6.00 cost per unit
May 8    Sold 150 units
May 13   Purchased 200 units @ $7.50 cost per unit
May 18   Sold 225 units
May 24   Sold 125 units
May 30   Purchased 150 units @ $6.80 cost per unit

During May, ABC Company reported operating expenses of $2,000 and had an income tax rate of 30%.

Calculate the amount of net income reported on ABC Company's income statement for May using the LIFO method. Do not use decimals in your answer.

Reference no: EM13590383

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