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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:
Date Activity Quantity Unit Price
5/1 Beginning Inventory 175 $10
5/5 Purchase 200 $12
5/15 Purchase 300 $15
5/25 Purchase 150 $16
Sales were 545 units at $25. 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
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