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Determine the dollar value of Cost of Goods Sold for May

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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

150

$10

5/5

Purchase

200

$12

5/15

Purchase

220

$14

5/25

Purchase

200

$16

Required - Sales were 530 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May.

Reference no: EM132445649

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