Problem: Eaton uses the periodic inventory system and had the following inventory and sales activity for the month of May 2019:
Date Activity Quantity Unit Price
5/1 Beginning Inventory 150 $10
5/5 Purchase 225 $12
5/15 Purchase 200 $14
5/25 Purchase 200 $16
Sales were 580 units at $20. Using the LIFO method, what will be the dollar value of Cost of Goods Sold for the month of May?
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