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Determine the cost of goods available for sale

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Question

Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016:

Dale

Activity.

Quantity.

Unit Price

 

5/1

Beginning Inventory

100

510

5/5

Purchase

200

511

5/15

Purchase

300

513

5/25

Purchase

150

$15

Sales were 500 units at $20. Using the FIFO method, determine the dollar values following for the month of May:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Reference no: EM132325779

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