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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 Date May 1 May 5 May 10 May 15 May 24 Mutiple Choice O Activities Beginning inventory Purchase Sales Purchase Sales O $3.770 $2.000 $2.900 Units Acquired at Cost 184 units@ $10 $ 1,840 254 units@ $12 $3,048 134 units @ $13 = $ 1,742 *** Units Sold at Retail 174 units@ $20 124 units $21 Heat

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 Date May 1 May 5 May 10 May 15 May 24 Mutiple Choice O Activities Beginning inventory Purchase Sales Purchase Sales O $3.770 $2.000 $2.900 Units Acquired at Cost 184 units@ $10 $ 1,840 254 units@ $12 $3,048 134 units @ $13 = $ 1,742 *** Units Sold at Retail 174 units@ $20 124 units $21 Heat

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 a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO Date May 1 May 5 May 10 May 15 May 24 Mutiple Choice O Activities Beginning inventory Purchase Sales Purchase Sales O $3.770 $2.000 $2.900 Units Acquired at Cost 184 units@ $10 $ 1,840 254 units@ $12 $3,048 134 units @ $13 = $ 1,742 *** Units Sold at Retail 174 units@ $20 124 units $21
Transcribed Image Text: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 Date May 1 May 5 May 10 May 15 May 24 Mutiple Choice O Activities Beginning inventory Purchase Sales Purchase Sales O $3.770 $2.000 $2.900 Units Acquired at Cost 184 units@ $10 $ 1,840 254 units@ $12 $3,048 134 units @ $13 = $ 1,742 *** Units Sold at Retail 174 units@ $20 124 units $21
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