QUESTION: Alphas Company uses the perpetual inventory system and had the following inventory & sales...
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Accounting
QUESTION:
Alphas 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 | 200 | $25 |
| 5/15 | Purchase | 300 | $13 |
| 5/20 | Sales | 300 | $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 Sales
3. ales
4. Cost of Goods Sold
5. Gross Profit
ANSWER:
1.________________________________
2.________________________________
3.________________________________
4.________________________________
5.________________________________
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