Inventory Dollar Amount

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 175 $10
5/5 Purchase 200 $12
5/15 Purchase 300 $15
5/25 Purchase 150 $16

Sales were 545 units at $25. Using the LIFO 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


Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is?

Transactions for the month of June are attached as a screen shot.






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