Question - Bob Company uses the Perpetual inventory system and had the following inventory and sales activity for the month of May 2016.
5/1 Beg. Inventory 175 units @ $10
5/5 Purchase 200 units @ $12
5/10 Sales 245units @ $25
5/15 Purchase 300 units @ $15
5/20 sale 300 units @ $30
5/25 purchase 150 units @ $16
Using the LIFO method, determine the dollar value for month of may:
- Ending Inventory
- Good available for sale
- sales
- Cost of goods sold
- gross profit