Effie Company Uses a Periodic Inventory System

question 57

Multiple Choice

Effie Company uses a periodic inventory system.Details for the inventory account for the month of January 2022 are as follows: An end of the month (1/31/22) 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)$1,120
• B)$1,188
• C)$1,532
• D)$1,600

---

Definitions:

HIV/AIDS

Human Immunodeficiency Virus (HIV) is a virus that can lead to Acquired Immune Deficiency Syndrome (AIDS), a condition in humans in which progressive failure of the immune system allows life-threatening infections and cancers to thrive.

Contracted

The state of having entered into a formal agreement or compact, often legally binding, specifying conditions and terms of service, employment, or any other engagement.

Identified

Recognized or determined to be a specific person or thing based on certain characteristics or criteria.

Epidemiologists

Scientists who study the distribution, patterns, and determinants of health and diseases in populations.