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 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 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 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text: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
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