Question 8(6 points)

Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016:

Date

Activity

Quantity

Unit Price

5/1

Beginning Inventory

175

$10

5/5

Purchase

200

$12

5/15

Purchase

300

$15

5/25

Purchase

150

$16

Sales were 545 units at $25.Using the FIFO method, determine the dollar values following for the month of May:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold