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Find what is the gross profit for the month

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Reference no: EM132672080

Sunland Company uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:

                                               Units      Per unit price           Total
Balance, 1/1/2022              290          $5.00                     $1450
Purchase, 1/15/2022           140          5.10                         714
Purchase, 1/28/2022            140          5.30                      742

Problem 1: An end of the month (1/31/2022) inventory showed that 230 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

Reference no: EM132672080

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