Question
1) Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity
1) Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:
| Date | Activity | Quantity | Unit Price |
| 5/1 | Beginning Inventory | 120 | $10 |
| 5/5 | Purchase | 190 | $12 |
| 5/15 | Purchase | 260 | $14 |
| 5/25 | Purchase | 270 | $16 |
Sales were 480 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
2)Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:
| Date | Activity | Quantity | Unit Price |
| 5/1 | Beginning Inventory | 150 | $10 |
| 5/5 | Purchase | 225 | $12 |
| 5/15 | Purchase | 220 | $14 |
| 5/25 | Purchase | 250 | $16 |
Sales were 540 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
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Auditing Concepts And Methods A Guide To Current Auditing Theory And Practice
Authors: Mcgraw-Hill
5th Edition
0070099995, 978-0070099999
