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Homework answers / question archive / 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 1-May Beginning Inventory 120 $11  5-May Purchase 270 $13  15-May Purchase 140 $15  25-May Purchase 140 $17  Sales were 460 units at $25

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 1-May Beginning Inventory 120 $11  5-May Purchase 270 $13  15-May Purchase 140 $15  25-May Purchase 140 $17  Sales were 460 units at $25

Accounting

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

1-May Beginning Inventory 120 $11 

5-May Purchase 270 $13 

15-May Purchase 140 $15 

25-May Purchase 140 $17 

  1. Sales were 460 units at $25. Using the FIFO method, determine the dollar value of Ending Inventory for the month of May.
  2. Sales were 440 units at $25. Using the Weighted Average method, determine the dollar value of Cost of Goods Sold for the month of May.
  3. Sales were 430 units at $25. Using the Weighted Average method, determine the dollar value of Ending Inventory for the month of May.

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