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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

290

$16

Sales were 420 units at $20.  Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.

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Answer #1

ANSWER

Beginning inventory =$140 * $10 =$1400

5/5 Purshase =$210 * $12 = $2,520

5/15 Purchase =$340 * $14 =$4,760

Cost of goods sold =$1400+$2,520+$4,760=$8,680

Cost of goods sold =$8,680

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