Question
Swifty Corporation uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price
Swifty Corporation 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 | 230 | $4.00 | $920 | |||
| Purchase, 1/15/2022 | 110 | ..4.00 | 440 | |||
| Purchase, 1/28/2022 | 110 | ..4.20 | 462 |
An end of the month (1/31/2022) inventory showed that 180 units were on hand. If the company uses FIFO and sells the units for $7each, what is the gross profit for the month?
Step by Step Solution
3.41 Rating (160 Votes )
There are 3 Steps involved in it
Step: 1
Cost of goods available for sale Units Per unit price Total Balan...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Intermediate Accounting
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
8th edition
978-1259997525, 1259997529, 978-1259548185
