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 150 $10
5/5 Purchase 250 $12
5/15 Purchase 300 $14
5/25 Purchase 250 $16
Sales were 440 units at $20. Using the FIFO method, what is the dollar value of Cost of Goods Sold for the month of May?
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College Accounting Chapters 1-12
Authors: Douglas McQuaig
10th Edition
1439038783, 978-1439038789
