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At May 1, 2014, Kibbee Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory
At May 1, 2014, Kibbee Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory as follows:
800 units at $7 600 units at $8
The company sold 1,000 units during the month for $12 per unit. Kibbee uses the average cost method. Kibbees gross profit for the month of May is
$4,500. |
$4,625. |
$4,571. |
$4,000. |
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