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May 5 May 10 May 15 May 24 $2,680 $2,810 $3,530 $3,410 Purchase Sales Purchase Sales 242 units @ $12 = $2,904 122 units @ $13 = $1,586 162 units @ $20 112 units @ $21

May 5 May 10 May 15 May 24 $2,680 $2,810 $3,530 $3,410 Purchase Sales Purchase Sales 242 units @ $12 = $2,904 122 units @ $13 = $1,586 162 units @ $20 112 units @ $21

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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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date May 1 May 5 May 10 May 15 May 24 $2,680 $2,810 $3,530 $3,410 Units Units Activities Acquired at Sold at Cost Retail Beginning inventory Purchase Sales Purchase Sales 172 units @ $10 = $1,720 242 units @ $12 = $2,904 122 units @ $13 = $1,586 162 units @ $20 112 units @ $21
Transcribed Image Text:Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date May 1 May 5 May 10 May 15 May 24 $2,680 $2,810 $3,530 $3,410 Units Units Activities Acquired at Sold at Cost Retail Beginning inventory Purchase Sales Purchase Sales 172 units @ $10 = $1,720 242 units @ $12 = $2,904 122 units @ $13 = $1,586 162 units @ $20 112 units @ $21
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