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Saimone Company reported the following purchases and sales of its onty product Salmone uses a perpetual imventory system. Determine the cost assigned to ending imventory using IFO Unt SoRe Date May May5 May 10 Mey 15 May 24 Ates Un Acqured at Cest 106 unts S10 SO 256 units e S2-53.072 Beginning nventory Purchase Sales Purchase Sales 76 untse s20 136 unts St3-SU 126 u 21 $6.700 $2.820 $2.950 $3.880 $3.760

Saimone Company reported the following purchases and sales of its onty product Salmone uses a perpetual imventory system. Determine the cost assigned to ending imventory using IFO Unt SoRe Date May May5 May 10 Mey 15 May 24 Ates Un Acqured at Cest 106 unts S10 SO 256 units e S2-53.072 Beginning nventory Purchase Sales Purchase Sales 76 untse s20 136 unts St3-SU 126 u 21 $6.700 $2.820 $2.950 $3.880 $3.760

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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Saimone 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 Actives Date May 1 May 5 May 10 May 15 Units Acquired at Cost 100 units o S10 SUBGO 256 units a S12 S3.072 Units Sold at Retal leginning inventory Purchase Sales Purchase Sales 16 units e s20 136 units o S13 S U May 24 126 units a $21 $6,700 $2.820 $2.950 53.880 $3,760 O O O
Transcribed Image Text:Saimone 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 Actives Date May 1 May 5 May 10 May 15 Units Acquired at Cost 100 units o S10 SUBGO 256 units a S12 S3.072 Units Sold at Retal leginning inventory Purchase Sales Purchase Sales 16 units e s20 136 units o S13 S U May 24 126 units a $21 $6,700 $2.820 $2.950 53.880 $3,760 O O O
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