Solved: If the company uses fifo and sells the units for 10 each, Accounting Basics

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If the company uses fifo and sells the units for 10 each

Question - Bonita Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows:

UnitsPer unit priceTotalBalance, 1/1/18180$6.00$1080Purchase, 1/15/18905.10 459Purchase, 1/28/18905.70 513

An end of the month (1/31/18) inventory showed that 250 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

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Accounting Basics: If the company uses fifo and sells the units for 10 each

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