Dobler Company Uses a Periodic Inventory System

question 172

Multiple Choice

Dobler 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 (1/31/2014) 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) $1,188
• B) $1,212
• C) $2,400
• D) $1,600

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A type of tall, slender-leaved plant of the grass family, often found in wetlands or water, or a flexible woody stem used in making musical instruments.