Graham Company uses a periodic inventory system.Details for the inventory account for the month of January, 2011 are as follows: An end of the month (1/31/11) inventory showed that 180 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

Graham Company uses a periodic inventory system.Details for the inventory account for the month of January, 2011 are as follows:  An end of the month (1/31/11) inventory showed that 180 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 Graham Company uses a periodic inventory system.Details for the inventory account for the month of January, 2011 are as follows:  An end of the month (1/31/11) inventory showed that 180 units were on hand.If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

Graham Company Uses a Periodic Inventory System