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Effie company uses a periodic inventory system if the

Question - Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2014 are as follows:

	Units	Per Unit Price	Total
Balance, 1/1/14	200	$5.00	$1,000
Purchase, 1/15/14	100	5.30	530
Purchase, 1/28/14	100	5.50	550

An end of the month (1/31/14) inventory showed that 160 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

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Accounting Basics: Effie company uses a periodic inventory system if the

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Accounting Basics: Effie company uses a periodic inventory system if the

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