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ABC Company employs a periodic inventory system and sells its inventory to customers for $46 per unit. ABC Company had the following inventory information available
ABC Company employs a periodic inventory system and sells its inventory to customers for $46 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 2,000 units @ $20 cost per unit Purchased 2,400 units @ $24 cost per unit Sold 1,800 units Purchased 2,400 units @ $30 cost per unit Sold 1,700 units Purchase 2,200 units @ $25 cost per unit Sold 2,500 units Purchased 1,000 units @ $11 cost per unit During May, ABC Company reported operating expenses of $113,000 and had an income tax rate of 35%. Calculate the amount of gross profit shown on ABC Company's income statement for May using the LIFO method.
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