Calculate the amount of operating expenses

Reference no: EM13258611

ABC Company employs a periodic inventory system and sells its inventoryto customers for $25 per unit. ABC Company had the following inventory information availablefor the month of May:

May1 Beginning inventory 5,000 units @ $9 cost perunit
May6 Purchased 4,000 units @ $11 cost per unit
May8 Sold 3,000 units
May13 Purchased 2,000 units @ $5 cost per unit
May18 Sold 2,500 units
May21 Purchased 2,500 units @ $8 cost per unit
May28 Sold 1,800 units
May30 Purchased 2,000 units @ $18 cost per unit

Assume ABCCompany uses the LIFO inventory costing method andthat ABC Company's income statement for May showed an income tax rate of 35%, an income tax expenseamount of $30,275, and a net income of $56,225.

Calculate the amount of operating expenses incurred by ABC Company during May. Do not use decimals in your answer.

Reference no: EM13258611

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