Business, 30.10.2019 05:31 tylerbrewton23

Booth company employs a periodic inventory system and reported the following inventory information for the month of august: august 1 beginning inventory 2,200 units @ $15 cost per unit august 6 sold 1,300 units august 15 purchased 1,700 units @ $25 cost per unit august 18 sold 1,900 units august 23 purchased 900 units @ $24 cost per unit august 26 purchased 700 units @ $19 cost per unit august 29 sold 2,000 units august 30 purchased 1,500 units @ $37 cost per unit during august, booth company reported operating expenses of $23,000 and had an income tax rate of 37%. using the weighted average method, booth company's gross profit for august totaled $70,460. calculate the amount of net income reported on booth company's income statement for august using the lifo method.

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