Question
Easton Company uses the periodic inventory system and had the following inventory & sales activity for...
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 |
160 |
$12 |
|
5/15 |
Purchase |
330 |
$14 |
|
5/25 |
Purchase |
290 |
$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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