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stealth61 [152]
1 year ago
5

Windsor, Inc. 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 260 $4.00 $1040 Purchase, 1/15/2022 130 ..4.60 598 Purchase, 1/28/2022 130 ..4.70 611 An end of the month (1/31/2022) inventory showed that 210 units were on hand. If the company uses FIFO and sells the units for $9 each, what is the gross profit for the month? $1890 $1270 $1520 $2790
Business
1 answer:
FinnZ [79.3K]1 year ago
4 0

Windsor's gross profit for the month is:C. $1520.

<h3>Gross profit</h3>

First step

January purchase:

Purchase= 130 - (210 - 130)

Purchase=130-80

Purchase= 50 units

Sales revenue= (260 + 50) x 9

Sales revenue=310×9

Sales revenue= $2,790

Second step

Cost= (260 x 4) + (50 x 4.60)

Cost=1,040+230

Cost= $1,270

Third step

Gross profit:

Gross profit= 2,790 - 1,270

Gross profit= $1,520

Therefore the correct option is C.

Learn more about gross profit here:brainly.com/question/942181

#SPJ1

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The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common
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Explanation:

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Total Paid-In Capital                                                                  609,840

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Answer:

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