Problem: 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
|
|
05-Jan
|
Beginning Inventory
|
150
|
$10
|
|
05-May
|
Purchase
|
200
|
$12
|
|
May-15
|
Purchase
|
220
|
$14
|
|
May-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.
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