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What is the gross profit for the month

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Question - Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2014 are as follows:

Units

Per Unit Price

Total

Balance, 1/1/14

200

$5.00

$1,000

Purchase, 1/15/14

100

5.30

530

Purchase, 1/28/14

100

5.50

550

An end of the month (1/31/14) 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?

Reference no: EM132088603

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