Question
Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Fong Sai-Yuk uses the FIFO cost flow assumption. All
Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account with credit terms of n/30.
| Jan. 1 | Inventory | 100 | units at $5 each | ||
| 4 | Sale | 80 | units at $8 each | ||
| 11 | Purchase | 150 | units at $6 each | ||
| 13 | Sale | 120 | units at $8.75 each | ||
| 20 | Purchase | 160 | units at $7 each | ||
| 27 | Sale | 100 | units at $9 each |
What is the months gross profit under the periodic inventory system?
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Auditing Your Windows Infrastructure Intranet And Internet Security A Practical Audit Program For Assurance Professionals
Authors: Nwabueze Ohia
1st Edition
1521804133, 978-1521804131
