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:
5/1 Beginning Inventory QTY: 125 Unit Price: $10
5/5 Purchase QTY: $225 Unit Price: $12
5/15 Purchase QTY: $250 Unit Price: $14
5/25 Purchase QTY: $250 Unit Price: $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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