Financial Statements CBA 4 Question 1.4

angie2101

What is the companies gross profit using FIFO

1 Jan Opening inv 500 @ 2.80 = 1400
8 May Purchased 1000 @ 3.00 = 3000
11 Aug purchased 600 @ 3.60 = 2160
29 Nov purchased 1900 @ 4.20 = 7980

Sales of 3000 were made at £6 per unit

Helpppp for some reason I cant get the answer of 7660 ? Dont know if its because ive been revising all day and my brains just baffled or im having a blonde moment! FIFO is not my best!

Thanks
anggg xx

omega man

I will try and help you here.
1400+3000+2160+3780=10340
3000x£6=18,000
18000-10340=7660
29 Nov 900 x £4.20=3780
I hope this helps