Alpha Company uses the perpetual inventory system and had the following
Alpha Company uses the perpetual 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
5/10 Sales 300 $25
5/15 Purchase 200 $15
5/20 Sales 250 $30
5/25 Purchase 150 $16
Using the LIFO method, determine the dollar values following for the month of May:
Ending Inventory
Goods Available for Sale
Sales
Cost of Goods Sold
Gross Profit