Question

THE Company employs a periodic inventory system and
sells its inventory to customers for $10 per unit.
THE Company had the following inventory information
available for the month of May: May 1 Beginning inventory 280 units @ $3.80 cost
per unit May 6 Purchased 350 units @ $4.90 cost per unit
May 8 Purchased 240 units @ $4.10 cost per unit May 14 Sold 410 units May 19 Purchased 400 units @ $5.75 cost per unit
May 23 Sold 270 units
May 27 Sold 120 units May 29 Purchased 230 units @ $3.90 cost per unit The amount of gross profit reported on THE Company's
income statement for May using the FIFO method was
equal to:

Answer 1