Question 1
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
|
150
|
$10
|
|
5/5
|
Purchase
|
200
|
$12
|
|
5/15
|
Purchase
|
300
|
$14
|
|
5/25
|
Purchase
|
150
|
$16
|
Sales were 525 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