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 | 130 | $10 |
| 5/5 | Purchase | 190 | $12 |
| 5/15 | Purchase | 330 | $14 |
| 5/25 | Purchase | 300 | $16 |
Sales were 460 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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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
