Easton Company uses the periodic inventory system and had the following inventory &
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
100
$10
5/5
Purchase
225
$12
5/15
Purchase
220
$14
5/25
Purchase
225
$16
Sales were 580 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May.