Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the costassigned to cost of goods sold using LIFO.DateMay 1May 5May 10May 15May24OMultiple ChoiceOActivitiesBeginning InventoryPurchaseSalesPurchaseSales$5.555$4.990$5,000$5.565Units Acquired at Cost280 units @ $13285 unite à $15165 unite# $16Units Sold at Retail205 units @ $23155 units $24

Lets understand the basics.There are various methods used for calculating ending inventory and cost…

Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO Date May 1 May 5 May 10 May 15 May 24 Activities Beginning Inventory Purchase Sales Purchase Sales Multiple Choice Units Acquired at Cost 280 units $13 285 unite $15 165 unite# $16 Units Bold at Retail 205 units # $23 155 units $24

Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO Date May 1 May 5 May 10 May 15 May 24 Activities Beginning Inventory Purchase Sales Purchase Sales Multiple Choice Units Acquired at Cost 280 units $13 285 unite $15 165 unite# $16 Units Bold at Retail 205 units # $23 155 units $24

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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TB MC Qu. 05-165 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system Determine the cost assigned to cost of goods sold using LIFO. Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Multiple Choice Units Acquired at Cost 162 units@ $10 $1,620- 232 units@ $12- $2,784 112 units@ $13= $1,456 Units Sold at Retail 152 units @ $20 102 units @ $21
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 190 units @ $10 = $1,900 May 5 Purchase 260 units @ $12 = $3,120 May 10 Sales 180 units @ $20 May 15 Purchase 140 units @ $13 = $1,820 May 24 Sales 130 units @ $21 $3,500 $3,340 $3,370 $3,110 $3,380