Graham Company uses a periodic inventory system. Details for the inventory account the month of January 2020 are as follows: Units Total Per unit price Balance, 1/1/20 400 $5.00 $2,000 Purchase, 1/15/20 200 5.30 1,060 Purchase, 1/28/20 200 5.50 1,100 An end of the month (1/31/20) inventory showed that 240 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?
Graham Company uses a periodic inventory system. Details for the inventory account the month of January 2020 are as follows: Units Total Per unit price Balance, 1/1/20 400 $5.00 $2,000 Purchase, 1/15/20 200 5.30 1,060 Purchase, 1/28/20 200 5.50 1,100 An end of the month (1/31/20) inventory showed that 240 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?
College Accounting (Book Only): A Career Approach
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Chapter11: Work Sheet And Adjusting Entries
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Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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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:
Units
Total
Per unit price
Balance, 1/1/20
400
$5.00
$2,000
Purchase, 1/15/20
200
5.30
1,060
Purchase, 1/28/20
200
5.50
1,100
An end of the month (1/31/20) inventory showed that 240 units were on hand. If the
company uses FIFO and sells the units for $10 each, what is the gross profit for the
month?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff87deb64-9e00-4bae-ba40-1a1873125916%2Fb98976e0-5897-4406-ae63-43f3544ec7e6%2Fzp7kt66_processed.png&w=3840&q=75)
Transcribed Image Text:Graham Company uses a periodic inventory system. Details for the inventory account for
the month of January 2020 are as follows:
Units
Total
Per unit price
Balance, 1/1/20
400
$5.00
$2,000
Purchase, 1/15/20
200
5.30
1,060
Purchase, 1/28/20
200
5.50
1,100
An end of the month (1/31/20) inventory showed that 240 units were on hand. If the
company uses FIFO and sells the units for $10 each, what is the gross profit for the
month?
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