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The company sold 1000 units during the month for 12 per

Question - At May 1, 2014, Kibbee Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory as follows:

800 units at $7

600 units at $8

The company sold 1,000 units during the month for $12 per unit. Kibbee uses the average cost method. Kibbee's gross profit for the month of May is

$4,500.

$4,625.

$4,571.

$4,000.

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Accounting Basics: The company sold 1000 units during the month for 12 per

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