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Determine what is the company after-tax income using lifo

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Reference no: EM132704055

Pharoah Company had the following inventory transactions occur during 2022:

                                       Units           Cost/unit

Feb. 1, 2022 Purchase 134            $56

Mar. 14, 2022 Purchase 231            $58

May 1, 2022 Purchase 164                $61

Problem 1: The company sold 379 units at $78 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $2232, what is the company's after-tax income using LIFO?

Reference no: EM132704055

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