Question - Flint Company sells one product. Presented below is information for January for Flint Company.
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Jan. 1
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Inventory
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118 units at $5 each
|
|
4
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Sale
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93 units at $8 each
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|
11
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Purchase
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165 units at $6 each
|
|
13
|
Sale
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136 units at $9 each
|
|
20
|
Purchase
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163 units at $7 each
|
|
27
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Sale
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104 units at $11 each
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Flint uses the FIFO cost flow assumption. All purchases and sales are on account.
Compute gross profit using the periodic system.