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What is the gross profit for the month

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Question - Tiger Enterprise uses a periodic inventory system. Details for the inventory account for the month of January, 2008 are as follows:

Units Unit price Total

Balance, 1/1/08 200 P5.00 P1,000

Purchase, 1/15/08 100 P5.30 P530

Purchase, 1/28/08 100 P5.50 P550

An end of the month (1/31/08) inventory showed that 120 units were on hand.

Required - If the company uses FIFO and sells the units for P10 each, what is the gross profit for the month?

a. 1,376

b. 1,424

c. 2,800

d. 3,000

Reference no: EM132547178

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