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Sunland Company uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price
Sunland Company uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:
Units | Per unit price | Total | ||||
---|---|---|---|---|---|---|
Balance, 1/1/2022 | 290 | $5.00 | $1450 | |||
Purchase, 1/15/2022 | 140 | ..5.10 | 714 | |||
Purchase, 1/28/2022 | 140 | ..5.30 | 742 |
An end of the month (1/31/2022) inventory showed that 230 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?
$1695
$1705
$3400
$2300
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