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ABC Company employs a periodic inventory system and sells its inventory, to customers for $18 per unit. ABC Company had the following inventory information
ABC Company employs a periodic inventory system and sells its inventory, to customers for $18 per unit. ABC Company had the following inventory information available for May: May 1 Beginning inventory 13,000 units @ $9 cost per unit Purchased 18,000 units @ $8 cost per unit Sold 14,000 units May 3 May 8 May 13 May 18 May 20 May 24 May 30 Purchased 22,000 units @ $15 cost per unit Sold 17,000 units Purchase 26,000 units @ $3 cost per unit Sold 15,000 units Purchased 11,000 units @ $???? cost per unit Using FIFO, ABC Company's ending inventory for May was equal to $315,000. Calculate the amount of gross profit reported on ABC Company's income statement for May using the weighted average method.
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