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Determine the dollar value of Cost of Goods Sold

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Question - 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

100

$15

5/5

Purchase

250

$13

5/15

Purchase

230

$18

5/25

Purchase

125

$20

Sales were 423 units at $35. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.

Reference no: EM132815626

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