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H5-u7P Company employs a periodic inventory system and sells its inventory to customers for $41 per unit. H5-u7P Company's inventory records disclosed the following information
H5-u7P Company employs a periodic inventory system and sells its inventory to customers for $41 per unit. H5-u7P Company's inventory records disclosed the following information for the month of October: October 1: Beginning inventory was 2,800 units @ $11.40 cost per unit October 4: Sold 1,900 units October 9: Purchased 2,300 units @ $24.30 cost per unit October 17: Sold 2,400 units October 19: Purchased 1,600 units @ $12.80 cost per unit October 26: Purchased 2,200 units @ $19.20 cost per unit October 29: Sold 1,200 units October 30: Purchased 1,100 units @ $16.70 cost per unit H5-u7P Company's operating expenses for October totaled $63,000 and the October income tax rate was 30%. Calculate the amount of net income reported on H5-u7P Company's income statement for October using the FIFO method.
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