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
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual...
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd1de6e49-d0e6-4b63-8e2c-8fae04076b6a%2Fbf444cae-05ec-40d8-a47d-75905de66745%2Fgkwbm5m_processed.jpeg&w=3840&q=75)
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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