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Determine ending inventory dollar values for month of may

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Reference no: EM132176311

Question - Alpha Company uses the perpetual inventory system and had the following inventory and sales activity for the month of May 2016:

Date Activity Quantity Unit Price

5/1 Beginning inventory 100 $10

5/5 Purchase 200 $11

5/10 Sales 300 $25

5/15 Purchase 200 $13

5/20 Sales 150 $35

5/25 Purchase 150 $15

Using the LIFO method, determine the dollar values following for the month of May:

1. Ending inventory

2. Goods Available for Sale

3. Sales

4. Cost of Goods Sold

5. Gross Profit

Reference no: EM132176311

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