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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
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?
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