Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: Units Per unit price Total Balance, 1/1/18 200 $5.00 $1,000 Purchase, 1/15/18 100 5.30 530 Purchase, 1/28/18 100 5.50 550 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

the gross profit for the month is $1,180

Explanation:

FIFO Inventory System Sell the Older Inventory Acquired first followed by the Recent Acquired Inventory

Trading Account of Effie Company

Sales (240 units × $10.00)                          $2,400

Less Cost of Sales :

200 units × $5.00 :                 $1,000

40 units × $5.50    :                 $  220

Total Cost of Sales                                     ( $1,220)    

Gross Profit                                                    $1,180

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