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What is the gross profit for the month

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Question - Swifty Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows:

 

Units

Per unit price

Total

Balance, 1/1/20

200

$4.00

$800

Purchase, 1/15/20

110

5.20

572

Purchase, 1/28/20

110

5.60

616

Required - An end of the month (1/31/20) inventory showed that 230 units were on hand. If the company uses FIFO and sells the units for $8 each, what is the gross profit for the month?

Reference no: EM133077944

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