Solved

Graham Company Uses a Periodic Inventory System

Question 171

Multiple Choice

Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows: Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2014 are as follows: An end of the month (1/31/14) inventory showed that 120 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) $1,376 B) $1,424 C) $2,800 D) $3,000 An end of the month (1/31/14) inventory showed that 120 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) $1,376
B) $1,424
C) $2,800
D) $3,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q91: Errors occasionally occur when physically counting inventory

Q93: For the current month, the beginning inventory

Q139: Accountants believe that the write down from

Q158: The accounting concept of prudence dictates that

Q168: During July, the following purchases and sales

Q173: The following information was available from the

Q174: Bueno Company's purchase and sales transactions for

Q176: At year-end, Dana Corporation has 3,000 units

Q180: In a period of rising prices, the

Q255: The accounting principle that requires that the