Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: An end of the month (1/31/18) 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

Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows:  An end of the month (1/31/18) 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?

Quizplus · Accepted Answer

The Answer of Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows:  An end of the month (1/31/18) 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?

Effie Company Uses a Periodic Inventory System