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Determine the after-tax lifo liquidation profit or loss

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Hazzee Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2021 with $59,000 in inventory of its only product. The beginning inventory consisted of the following layers:

(OLD)4,000 units at $6 per unit = $24,000

(NEW)5,000 units at $7 per unit =$35,000

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.

Question 1: Assume 30% tax rate, determine the after-tax LIFO liquidation profit or loss for 2021

Group of answer choices

  1. $700 after-tax profit
  2. $700 after-tax loss
  3. $77,000 after-tax profit
  4. $77,000 after-tax loss

Reference no: EM132494813

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