Effie Company Uses a Periodic Inventory System

Multiple Choice

Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: An end of the month (1/31/18) 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?

A) $1,120
B) $1,188
C) $1,532
D) $1,600