Heinken company sold 500 units during the month for 12 per

Reference no: EM13580996

At May 1, 2010, Heineken Company had beginning inventory consisting of 100 units with a unit cost of $7. During May, the company purchased inventory as follows:
                                                                                   Extended Cost
May 01    Beginning Inventory    100 units @ $7     $     700
May 05    Purchased inventory   200 units @ $7         $ 1,400
May 14    Purchased inventory   300 units @ $8         $   2,400

Totals 600 units at total extended cost of $4,500 = $7.50 Average Cost Per Unit

Heinken Company sold 500 units during the month for $12 per unit. Heineken uses the average cost method. Heinekin's GROSS PROFIT for the month of May is?

Reference no: EM13580996

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