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Determine the after-tax lifo liquidation profit

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Question - Hazzee Corporation uses a periodic inventory system and the LIFO method to value its inventory. The beginning inventory of 2021 consisted of the following layers:

(OLD) 4,000 units at $6 per unit

(NEW) 5,000 units at $7 per unit

During 2021, 6,000 units were purchased at $8 per unit. During 2022, 7,000 units were purchased at $9 per unit. Sales, in units, were 7,000 and 12,000 during 2021 and 2022, respectively.

Assume 30% tax rate, determine the after-tax LIFO liquidation profit (or loss) for 2022?

a. $700 loss

b. $7,700 profit

c. $700 profit

d. $11,000 profit

Reference no: EM132514562

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