Graham Company uses a periodic inventory system.Details for the inventory account for the month of January, 2011 are as follows: $\begin{array}{llrr}&\text { Units } &\text { Per unit price }&\text { Total }\
\text { Balance, } 1 / 1 / 11 & 300 & \$ 5.00 & \$ 1500 \
\text { Purchase, } 1 / 15 / 11 & 150 & 5.30 & 795 \
\text { Purchase, } 1 / 28 / 11 & 150 & 5.50 & 825
\end{array}$

An end of the month (1/31/11) inventory showed that 180 units were on hand.How many units did the company sell during January, 2011?

Question

Graham Company uses a periodic inventory system.Details for the inventory account for the month of January, 2011 are as follows: $\begin{array}{llrr}&\text { Units } &\text { Per unit price }&\text { Total }\
\text { Balance, } 1 / 1 / 11 & 300 & \$ 5.00 & \$ 1500 \
\text { Purchase, } 1 / 15 / 11 & 150 & 5.30 & 795 \
\text { Purchase, } 1 / 28 / 11 & 150 & 5.50 & 825
\end{array}$

An end of the month (1/31/11) inventory showed that 180 units were on hand.How many units did the company sell during January, 2011?

Quizplus · Accepted Answer

The company started with 300 units and purchased an additional 300 units (150 + 150), totaling 600 units. With 180 units remaining at the end of the month, the company sold 420 units (600 - 180).

Graham Company Uses a Periodic Inventory System An End of the Month (1/31/11) Inventory Showed That 180