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 15May 24Beginning inventoryPurchaseSalesPurchase.SalesMultiple ChoiceActivities$2.760$3.300$2,770Units Acquired at Cost168 units @ $10-$1,680238 units @ $12= $2,856118 units-e $13- $1,534ProiUnits Sold at Retail158 units @ $20108 units @ $21

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Description: 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 15May 24Beginning inventoryPurchaseSalesPu

LIFO stands for Last In First Out. Under LIFO inventory valuation, the newer inventory is sold out…

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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 Multiple Choice O Beginning inventory Purchase Sales Purchase Sales Activities $2,760 Units Acquired at Cost 168 units @ $10-$1,680 238 units @ $12 = $2,856 118 units-e $13- $1,534 Units Sold at Retail 158 units @ $20 108 units @ $21

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 Multiple Choice O Beginning inventory Purchase Sales Purchase Sales Activities $2,760 Units Acquired at Cost 168 units @ $10-$1,680 238 units @ $12 = $2,856 118 units-e $13- $1,534 Units Sold at Retail 158 units @ $20 108 units @ $21

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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Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date Activities Units Acquired at Cost Units Cost per unit Total cost Units Units Sold at Retail Selling price per Total Sales January 01 Beginning inventory 205 $13.00 $2,665.00 January 10 January 20 January 25 Sales Purchase Sales 165 $22 $3,630.00 140 $12.00 $1,680.00 145 $22 $3,190.00 January 30 310 $11.50 655 Purchase Totals Notice that cost of goods sold, $3,917.22, plus ending inventory, $3,992.78, equals cost of goods available for sale, $7,910.00. Weighted Average Cost of Goods Sold $3,565.00 $7,910.00 310 $6,820.00 Inventory Balance Units Date Activities Cost per unit Cost of goods sold Units Cost per Total Cost January 01 Beginning inventory 205 unit $13.00 $2,665.00 January 10 Sales 165 $13.000 $2,145.00 40 $13.00 $520.00…
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Can you please explain how to get the Cost of Goods Solds category using LIFO?
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