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. Activities Units Acquired at Cost 280 units @ $13 285 units @ $15 Date Units Sold at Retail May 1 Beginning Inventory 5 Purchase 10 Sales 205 units @ $23 15 Purchase 165 units @ $16 24 Sales 155 units @ $24
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. Activities Units Acquired at Cost 280 units @ $13 285 units @ $15 Date Units Sold at Retail May 1 Beginning Inventory 5 Purchase 10 Sales 205 units @ $23 15 Purchase 165 units @ $16 24 Sales 155 units @ $24
Chapter1: Financial Statements And Business Decisions
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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.
Units Acquired at Cost
280 units @ $13
285 units @ $15
Date
Activities
Units Sold at Retail
May 1
Beginning Inventory
5
Purchase
10
Sales
205 units @ $23
15
Purchase
165 units @ $16
24
Sales
155 units @ $24
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