Dobler Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows: An end of the month (1/31/2014) inventory showed that 160 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

Question

Dobler Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows:  An end of the month (1/31/2014) inventory showed that 160 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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The Answer of Dobler Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows:  An end of the month (1/31/2014) inventory showed that 160 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

Dobler Company Uses a Periodic Inventory System