Question
Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit
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 170 $12
5/15 Purchase 350 $14
5/25 Purchase 250 $16
Sales were 430 units at $20.Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
5th Canadian edition
9781259105692, 978-1259103285
