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Find the dollar value of cost of goods sold

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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                        $10

5/5                Purchase                    200                          $12

5/15                 Purchase                   220                          $14

5/25                  Purchase                   225                           $16

Question 1: Sales were 560 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May.

Reference no: EM132598618

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