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 | 100 | $10 |
| 5/5 | Purchase | 230 | $12 |
| 5/15 | Purchase | 250 | $14 |
| 5/25 | Purchase | 290 | $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 | 125 | $10 |
| 5/5 | Purchase | 250 | $12 |
| 5/15 | Purchase | 220 | $14 |
| 5/25 | Purchase | 225 | $16 |
Sales were 520 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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GCP Auditing Methods And Experiences
Authors: Editio
1st Edition
3871932841, 978-3871932847
