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Calculate the amount of gross profit

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Question - Company xyz employs a periodic inventory system and sells its inventory to customers for $35 a unit. Xyz's company inventory records the following information for the month of November:

November 1: beginning inventory was 500 units @ $12 cost per unit

November 4: Sold 60 units

November 9: Purchases 450 units @ $14 cost per unit

November 17: Sold 500 units

November 19: Purchases 350 units @ $12.5 cost per unit

November 26: Purchased 375 units @ $16 cost per unit

November 29: Sold 300 units

November 30th: purchased 250 uunits @ 13.5 cost per unit

Xyz's companys operating expenses for november totaled $60,000 and the November income tax rate was 20%.

Required - Calculate the amount of gross profit reported on xyz's companys income statement for November using FIFO method.

Reference no: EM132868996

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