For the month of October 2013, Vale Company reported sales that totalled $647,000 units at $21...

For the month of October 2013, Vale Company reported sales that totalled $647,000 units at $21 each. There were 162,000 units on hand on October 30, 2013. The following purchases were made in October 2013:

Date	Quantity	Unit Cost
Oct. 4	110,000	$13
Oct. 8	135,000	12.5
Oct. 11	160,000	12
Oct. 24	150,000	12.4

Vale Company uses a periodic FIFO costing system. The company's gross profit for October was $4,117,500

REQUIRED: What is the FIFO cost of the company's inventory on October 1?

Expert Solution

ekkarill92 answered 2 years ago

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