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20) Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 150 units @ $10.00   5 Purchase 220 units @ $12.00   10 Sales   140 units @ $20.00 15 Purchase 100 units @ $13.00   24 Sales   90 units @ $21.00 A) $2,260 B) $3,180 C) $2,580 D) $3,580 E) $2,100

20) Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 150 units @ $10.00   5 Purchase 220 units @ $12.00   10 Sales   140 units @ $20.00 15 Purchase 100 units @ $13.00   24 Sales   90 units @ $21.00 A) $2,260 B) $3,180 C) $2,580 D) $3,580 E) $2,100

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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20) Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO.

Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 150 units @ $10.00  
5 Purchase 220 units @ $12.00  
10 Sales   140 units @ $20.00
15 Purchase 100 units @ $13.00  
24 Sales   90 units @ $21.00

A) $2,260
B) $3,180
C) $2,580
D) $3,580
E) $2,100

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