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A firm booked revenue of $2.25 million during 20X6 on unit sales 0f 150. The replacement cost per unit of inventory is currently $9,300. Inventory
A firm booked revenue of $2.25 million during 20X6 on unit sales 0f 150. The replacement cost per unit of inventory is currently $9,300.
Inventory purchases:
Date | Quantity | Unit Cost | |
Begin inventory | 50 units | $7,000 | |
4/1/X6 | 80 units | 7,500 | |
7/1/X6 | 30 units | 8,100 | |
10/1/X6 | 20 units | 8,700 |
Assuming the FIFO inventory costing method and a perpetual inventory system are used, the firm's gross profit and ending inventory are closest to:
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