Question 10 (9 points)

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	200	$12
5/15	Purchase	310	$14
5/25	Purchase	340	$16

Sales were 420 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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Question 11 (8 points)

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	200	$12
5/15	Purchase	210	$14
5/25	Purchase	250	$16

Sales were 560 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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