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 | 240 | $14 |
| 5/25 | Purchase | 200 | $16 |
Sales were 580 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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The Process Auditing Techniques Guide
Authors: J. P. Russell
1st Edition
0873895959, 978-0873895958
