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Sheffield Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Units Per unit price
Sheffield Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows:
Units | Per unit price | Total | |
---|---|---|---|
Balance, 1/1/20 | 160 | $6.00 | $960 |
Purchase, 1/15/20 | 130 | 5.20 | 676 |
Purchase, 1/28/20 | 130 | 5.50 | 715 |
An end of the month (1/31/20) inventory showed that 180 units were on hand. If the company uses FIFO and sells the units for $12 each, what is the gross profit for the month?
$830
$1504
$1959
$960
Please help me answer this multiple choice questions before 8pm
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