Elly Company Uses a Periodic Inventory System An End of the Month (1/31/22) Inventory Showed That 150

question 77

Multiple Choice

Elly Company uses a periodic inventory system. Details for the inventory and purchases accounts for the month of January, 2022 are as follows: $\begin{array}{llrr}&\text { Units } &\text { Per unit price } & \text { Total }\\\hline\text { Balance, } 1 / 1 / 22 &200& \$ 5.00 & \$ 1,000 \\\text { Purchase, } 1 / 15 / 22 & 100 & 5.30 & 530 \\\text { Purchase, } 1 / 28 / 22 & 100 & 5.50 & 550\end{array}$ An end of the month (1/31/22) inventory showed that 150 units were on hand. If the company uses FIFO and sells the units for $9 each, what is the gross profit for the month?

• A) $1,000
• B) $985
• C) $900
• D) $1,440

---

Definitions:

Limbic System

A complex system of nerves and networks in the brain, involving several areas near the edge of the cortex concerned with instinct and mood. It controls the basic emotions (fear, pleasure, anger) and drives (hunger, sex, dominance, care of offspring).

Amygdala

A small, almond-shaped cluster of nuclei located deep within the temporal lobes of the brain, involved in processing emotions such as fear and pleasure.

Soccer Player

An individual who participates in the sport of soccer, whether professionally or as an amateur, playing on a field team aiming to score goals.

Cerebellum

A region of the brain that plays a crucial role in motor control, and it may also be involved in some cognitive functions such as attention and language.