Easton Company uses the periodic inventory system and had the following inventory & sales activity for...

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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	140	$10
5/5	Purchase	210	$12
5/15	Purchase	340	$14
5/25	Purchase	310	$16

Sales were 480 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.

business accounting

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Answer 1

Answer #1

Under Fifo, units available first are sold first

Cost of Goods Sold

= (140*10)+(210*12)+(130*14)

= 1400+2520+1820

= 5740

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Answer 2

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