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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 for Its only product. Salmone uses
perlodic Inventory system.
Determine the cost assigned to cost of goods sold using LIFO.
Activities
Units Sold at Retail
Units Acquired at Cost
310 units @ $16
Date
May 1
Beginning Inventory
5
Purchase
300 units @ $18
10
Sales
220 units @ $26
15
Purchase
180 units @ $19
24
Sales
170 units @ $27
Multiple Choice
$6,590
$7,190
$6,580
$7,200
$6.400

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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 Beginning inventory May 5 Purchase May 10 Sales May 15 Purchase May 24 Sales Multiple Choice O O $6,560 $3,780 $2,780 Activities $3,660 Units Acquired at Cost 182 units @ $10 = $1,820 252 units @ $12 = $3,024 132 units @ $13 = $1,716
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