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What is the gross profit for the month

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Question - Sheridan Company uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:

 

Units

Per unit price

Total

Balance, 1/1/2022

250

$4.00

$1000

Purchase, 1/15/2022

130

4.50

585

Purchase, 1/28/2022

130

4.60

598

An end of the month (1/31/2022) inventory showed that 200 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: EM133104775

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