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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 Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 156 units @ $10 = $ 1,560 May 5 Purchase 226 units @ $12 = $ 2,712 May 10 Sales 146 units @ $20 May 15 Purchase May 24 Sales 106 units @ $13 = $ 1,378 96 units @ $21 Multiple Choice $3,010 $2,520 $2,650 $3,000 $3,130

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 Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 156 units @ $10 = $ 1,560 May 5 Purchase 226 units @ $12 = $ 2,712 May 10 Sales 146 units @ $20 May 15 Purchase May 24 Sales 106 units @ $13 = $ 1,378 96 units @ $21 Multiple Choice $3,010 $2,520 $2,650 $3,000 $3,130

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 Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 156 units @ $10 = $ 1,560 May 5 Purchase 226 units @ $12 = $ 2,712 May 10 Sales 146 units @ $20 May 15 Purchase May 24 Sales 106 units @ $13 = $ 1,378 96 units @ $21 Multiple Choice $3,010 $2,520 $2,650 $3,000 $3,130
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 Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 156 units @ $10 = $ 1,560 May 5 Purchase 226 units @ $12 = $ 2,712 May 10 Sales 146 units @ $20 May 15 Purchase May 24 Sales 106 units @ $13 = $ 1,378 96 units @ $21 Multiple Choice $3,010 $2,520 $2,650 $3,000 $3,130
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