Reference no: EM131767562

Dole Industries had the following inventory transaction occur during 2014.

The company sold 204 units at $126 each and has a tax rate of 30%. Assuming that a periodic inventory system is used and operating expense of $2,000. What is the companies after tax income using LIFO? (round to whole dollars)

• $4,176
• $4,323
• $3,349 $2,923

What is the company's after tax income using FIFO? (round to whole dollars)

[same data from the chart above]

• $4,176
• $4,784
• $3,349 $2,923

At May 1, 2014 Heineken Company had beginning Inventory consisting of 200 units with a unit cost of $7. During May the company purchased inventory as followed:

• 400 units at $7 per units
• 600 units at $8 per unit. 

The company sold 1,000 units during the month for $12 per unit. Heineken uses the average cost method. The average cost per unit for May is:

• $7
• $7.50
• $7.60
• $8

Snug As A Bug blankets has the following inventory data:

Assuming that a perpetual inventory system is used, what is the ending inventory rounded under the average cost method for July?

• $2,750
• $2,784
• $2,406
• $2,772

Quark Ink just began business and made the following 4 inventory purchases:

June 1 - 150 unit $825

June 10 - 200 $1120
June 15 - 200 unit $1140

June 28 - 150 unit $885

Total overall cost $3,970

A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using FIFO inventory method, the amount allocating to the ending inventory for June is?

• $1,105
• $1,100
• $1,170
• $1,180