Anakin's Automotive Parts has the following information related to its inventory for the month of July: Date Quantity Price/Unit Beginning Inventory 30 $16.25 July. 8 Purchase 16 $21.50 July. 16 Purchase 24 $13.70 July. 25 Purchase 11 $34.20 During July, Anakin sold 57 units of inventory for $41.50 each. Anakin uses the FIFO cost flow assumption for its inventory. What would Anakin report as it's Gross Profit for July? Anakin's Automotive Parts has the following information related to its inventory for the month of July: Date Quantity Price/Unit Beginning Inventory 30 $16.25 July. 8 Purchase 16 $21.50 July. 16 Purchase 24 $13.70 July. 25 Purchase 11 $34.20 During July, Anakin sold 57 units of inventory for $41.50 each. Anakin uses the FIFO cost flow assumption for its inventory. 

What would Anakin report as it's Gross Profit for July?

Answer rating: 100% (QA)

To calculate Anakins gross profit for July using the FIFO FirstIn FirstOut cost flow assumption we n... View the full answer