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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

150

$10

5/5

Purchase

200

$12

5/15

Purchase

220

$14

5/25

Purchase

225

$16

Sales were 540 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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Answer #1

Under lifo, latest units are sold first.

Cost of Goods Sold

= (225*16)+(220*14)+(95*12)

= 3600+3080+1140

= 7820
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Answer #2

Where did you get 95?


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