Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. graham company uses a periodic inventory system. d

Graham Company uses a periodic inventory system. Details for the inventory account for the month...

70.2K

Verified Solution

Question

Accounting

Graham 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, 1/1/20 400 $5.00 $2,000

Purchase, 1/15/20 200 5.30 1,060

Purchase, 1/28/20 200 5.50 1,100

An end of the month (1/31/20) inventory showed that 240 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

Select one alternative:

  • $5,600
  • $6,000
  • $2,752
  • $2,848

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

(Related to Checkpoint? 18.2) ?(Calculating the cost of? short-term financing) The R. Morin Construction Company needs...

Finance
Q

Si U=(x2+y2+z2)-1/2 , demuestre que ?2U/?x2+?2U/?y2+?2U/?z2=0

Basic Math
Q

1a. Describe how the permeability of the axon membrane to Na 1 and K 1 is...

Medical Sciences
Q

A spherical mylar balloon filled with Hydrogen gas, with density 0.0899 kg/m3 and having radius 7 meters...

Physics
Q

At the beginning of the year, Tennyson Auto Parts had an accounts receivable balance of $31,800...

Accounting
Q

ALLEN Three identical blocks A B and C each of mass 9 2kg are kept...

Physics
Q

How long is a guy wire reaching from the top of a 14 foot pole...

Algebra
Q

deleted

Accounting
Q

Explain the difference between authorized, issued, and outstanding shares.

Accounting
Q

THIS IS ALL PART OF ONE QUESTION. ...

Accounting
Q

klinker corporation consists of three segments: North America, Europe and Asia. Revenues during 20X3 for...

Accounting
Q

Basil Tooling uses a standard cost system to account for the costs of its one...

Accounting