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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

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

150

10

5/5

Purchase

200

12

5/10

Sales

225

20

5/15

Purchase

300

14

5/20

Sales

300

25

5/25

Purchase

150

16

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

 

Aug 11 2021 View more View Less

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