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Question - Alpha Company uses the perpetual inventory system and had the following inventory & 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
$25
5/15
300
$13
5/20
$35
5/25
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
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