Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine to 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 for its only product. Salmone uses a perpetual inventory system. Determine to 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the
cost assigned to cost of goods sold using LIFO.
00:09:35
Date
May 1
May 5
May 10.
May 15,
May 24
n
Activities
Beginning inventory.
Purchase
Multiple Choice
Sales
Purchase
Sales
$3.300
$2.580
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"
Transcribed Image Text:6
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the
cost assigned to cost of goods sold using LIFO.
00:09:35
Date
May 1
May 5
May 10.
May 15,
May 24
n
Activities
Beginning inventory.
Purchase
Multiple Choice
Sales
Purchase
Sales
$3.300
$2.580
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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