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Graham Company Uses a Periodic Inventory System

Question 57

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

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