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Compute gross profit using the periodic system

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Question - Flint Company sells one product. Presented below is information for January for Flint Company.

Jan. 1

Inventory

118 units at $5 each

4

Sale

93 units at $8 each

11

Purchase

165 units at $6 each

13

Sale

136 units at $9 each

20

Purchase

163 units at $7 each

27

Sale

104 units at $11 each

Flint uses the FIFO cost flow assumption. All purchases and sales are on account.

Compute gross profit using the periodic system.

Reference no: EM131702761

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