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Graham Company uses a periodic inventory system. Details for the inventory account for the month...

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Accounting

Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2020 are as follows:

Units Per unit price Total

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?

Select one alternative:

  • $5,600
  • $6,000
  • $2,752
  • $2,848

Answer & Explanation Solved by verified expert
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