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Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Unit Units Total Price Balance, 200 $5.00 $1,000 1/1/20 Purchase, 100 $5.30 $530 1/15/20 Purchase, 100 $5.50 $550 1/28/20 An end of the month (1/31/20) inventory showed that 120 units were on hand. How many units did the company sell during January, 2020? A) 80 B) 120 C) 200

Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Unit Units Total Price Balance, 200 $5.00 $1,000 1/1/20 Purchase, 100 $5.30 $530 1/15/20 Purchase, 100 $5.50 $550 1/28/20 An end of the month (1/31/20) inventory showed that 120 units were on hand. How many units did the company sell during January, 2020? A) 80 B) 120 C) 200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Unit Units Total Price Balance, 200 $5.00 $1,000 1/1/20 Purchase, 100 $5.30 $530 1/15/20 Purchase, 100 $5.50 $550 1/28/20 An end of the month (1/31/20) inventory showed that 120 units were on hand. How many units did the company sell during January, 2020? A) 80 B) 120 C) 200
Transcribed Image Text:Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Unit Units Total Price Balance, 200 $5.00 $1,000 1/1/20 Purchase, 100 $5.30 $530 1/15/20 Purchase, 100 $5.50 $550 1/28/20 An end of the month (1/31/20) inventory showed that 120 units were on hand. How many units did the company sell during January, 2020? A) 80 B) 120 C) 200
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