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
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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