Inventory Card, Moving-Average (SIA) Steel Stores Limited is a dealer in steel products.

The company purchases its steel from various mills. Prices are f.o.b. point of shipment. On January 1, freight costs were $5 per ton; but on January 14, they advanced 10 percent. The steel industry uses the standard 2,000-pound ton.

During the month of January, the following transactions in hot rolled sheets, 60” long and 36” wide, took place:

Jan. 1. Inventory 10 tons at $6.00 per 100 Ibs.

Jan. 2 Purchased 3 tons at $5.50 per 100 Ibs.

Jan. 3 Sold 2 tons Jan. 5 Purchased 2 tons at $5.60 per 100 Ibs.

Jan. 6 Sold 3 tons Jan. 10 Purchased 8 tons at $5.55 per 100 Ibs.

Jan. 12 Sold 8 tons Jan. 15 Purchased 2 tons at $5.55 per 100 Ibs.

Jan. 16 Sold 2 tons Jan. 30 Purchased 5 tons at $5.60 per 100 Ibs.

Jan. 31. Sold 7 tons Sales prices are determined by applying a markup of 30 percent to laiddown costs at the beginning of each month.

_ Show these transactions as they would appear on a perpetual-inventory card, using the moving-average cost method. Calculations should be made to the nearest cent.

Calculate the gross profit for the month. lop5