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On May 1,20x6, JT Engineering had beginning inventory consisting of 200 units with a unit...

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Accounting

On May 1,20x6, JT Engineering had beginning inventory consisting of 200 units with a unit cost of $14. During May, the company purchased inventory as follows:
800 units at $14
500 units at $16
The company sold 500 units during the month for $21 per unit. If JT uses the average cost method, what is the gross profit for May?
Select answer from the options below
$3,165
$1,570
$2,240
$3,000

Answer & Explanation Solved by verified expert
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