Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 11 Aug 2017 My Price 4.00

Effie Company

Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2013 are as follows:

 

    Units   Per unit price   Total
Balance, 1/1/13   200   $5.00   $1,000
Purchase, 1/15/13   100   5.30   530
Purchase, 1/28/13   100   5.50   550

 


An end of the month (1/31/13) inventory showed that 140 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

 

a. 1220

 

b. 1282

 

c. 1838

4. 1900

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 07:08 PM My Price 4.00

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