Nash's Trading Post, LLC uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price Total Balance, 1/1/2022 220 $ 4.00 $ 880 Purchase, 1/15/2022 110 .. 3.90 429 Purchase, 1/28/2022 110 .. 4.10 451

Nash's Trading Post, LLC uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price Total Balance, 1/1/2022 220 $ 4.00 $ 880 Purchase, 1/15/2022 110 .. 3.90 429 Purchase, 1/28/2022 110 .. 4.10 451

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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Question

Nash's Trading Post, LLC uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:

	Units	Per unit price	Total
Balance, 1/1/2022	220	$ 4.00	$ 880
Purchase, 1/15/2022	110	.. 3.90	429
Purchase, 1/28/2022	110	.. 4.10	451

An end of the month (1/31/2022) inventory showed that 180 units were on hand. If the company uses FIFO and sells the units for $ 7each, what is the gross profit for the month?

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