Easton Company uses the periodic inventory system and had the following inventory & sales activity for...

  

Transcribed Image Text:

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 5/5 Purchase 5/15 Purchase 5/25 Purchase 120 260 160 120 $11 $13 $17 Sales were 500 units at $25. Using the FIFO method, determine the dollar value of Ending Inventory for the month of May. Your Answer: $15 Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Activity Quantity Unit Price Date 5/1 Beginning Inventory 5/5 Purchase 5/15 Purchase 5/25 Purchase 140 130 280 300 $11 $13 $15 $17 Sales were 470 units at $25. Using the Weighted Average method, determine the dollar value of Cost of Goods Sold for the month of May. Your Answer: A Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Quantity Unit Price Date Activity. 5/1 Beginning Inventory 5/5 Purchase 5/15 Purchase 5/25 Purchase 130 140 280 300 $11 $13 $15 $17 Sales were 480 units at $25. Using the Weighted Average method, determine the dollar value of Ending Inventory for the month of May. 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 5/5 Purchase 5/15 Purchase 5/25 Purchase 120 260 160 120 $11 $13 $17 Sales were 500 units at $25. Using the FIFO method, determine the dollar value of Ending Inventory for the month of May. Your Answer: $15 Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Activity Quantity Unit Price Date 5/1 Beginning Inventory 5/5 Purchase 5/15 Purchase 5/25 Purchase 140 130 280 300 $11 $13 $15 $17 Sales were 470 units at $25. Using the Weighted Average method, determine the dollar value of Cost of Goods Sold for the month of May. Your Answer: A Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Quantity Unit Price Date Activity. 5/1 Beginning Inventory 5/5 Purchase 5/15 Purchase 5/25 Purchase 130 140 280 300 $11 $13 $15 $17 Sales were 480 units at $25. Using the Weighted Average method, determine the dollar value of Ending Inventory for the month of May.

Answer rating: 100% (QA)

To determine the dollar value of the ending inventory using the FIFO FirstIn FirstOut method we need to assume that all sales occurred after the purchases made during the month of May Lets calculate t... View the full answer