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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 100 $10 5/5
Purchase 200 $11 5/15
Purchase 300 $13 5/25
Purchase 150 $15
Sales were 500 units at $20. 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
Question 1: How do figure out ending inventory and the cost of goods sold?
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