ABC Company employs a periodic inventory system and sells its inventory to customers for $46 per unit. ABC Company had the following inventory information available for May: May 1 Beginning inventory 2,000 units @ $20 cost per unit May 3 Purchased 2,400 units @ $24 cost per unit May 8 Sold 1,800 units May 13 Purchased 2,400 units @ $30 cost per unit May 18 Sold 1,700 units May 20 Purchase 2,200 units @ $25 cost per unit May 24 Sold 2,500 units May 30 Purchased 1,000 units @ $11 cost per unit During May, ABC Company reported operating expenses of $113,000 and had an income tax rate of 35%. Calculate the amount of net income shown on ABC Company's income statement for May using the weighted average method.
ABC Company employs a periodic inventory system and sells its
inventory to customers for $46 per unit. ABC Company had the
following inventory information available for May:
May 1 Beginning inventory 2,000 units @ $20 cost per unit May 3 Purchased 2,400 units @ $24 cost per unit May 8 Sold 1,800 units May 13 Purchased 2,400 units @ $30 cost per unit May 18 Sold 1,700 units May 20 Purchase 2,200 units @ $25 cost per unit
May 24 Sold 2,500 units May 30 Purchased 1,000 units @ $11 cost per unit
During May, ABC Company reported operating expenses of $113,000
and had an income tax rate of 35%.
Calculate the amount of net income shown on ABC Company's income
statement for May using the weighted average method.
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