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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.
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