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Problem - 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
120
$10
5/5
Purchase
210
$12
5/15
300
$14
5/25
330
$16
Required - Sales were 430 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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