Abc company employs a periodic inventory system and sells


ABC Company employs a periodic inventory system and sells its inventory to customers for $32 per unit. ABC Company had the following inventory information available for the month of May:

May 1    Beginning inventory 2,000 units @ $15 cost per unit

May 8    Sold 1,100 units

May 13   Purchased 1,500 units @ $12 cost per unit

May 18   Sold 1,200 units

May 21   Purchased 1,000 units @ $18 cost per unit

May 22   Purchased 800 units @ $25 cost per unit

May 28   Sold 1,400 units

May 30   Purchased 700 units @ $10 cost per unit

During May, ABC Company reported operating expenses of $15,000 and had an income tax rate of 30%.

Calculate the amount of net income reported on ABC Company's income statement for May using the FIFO method. Do not use decimals in your answer.

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Financial Accounting: Abc company employs a periodic inventory system and sells
Reference No:- TGS01005263

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