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Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 154 units @ $10 = $1,540 May 5 Purchase 224 units @ $12 = $2,688 May 10 Sales 144 units @ $20 May 15 Purchase 104 units @ $13 = $1,352 May 24 Sales 94 units @ $21

Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 154 units @ $10 = $1,540 May 5 Purchase 224 units @ $12 = $2,688 May 10 Sales 144 units @ $20 May 15 Purchase 104 units @ $13 = $1,352 May 24 Sales 94 units @ $21

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 of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 154 units @ $10 = $1,540 May 5 Purchase 224 units @ $12 = $2,688 May 10 Sales 144 units @ $20 May 15 Purchase 104 units @ $13 = $1,352 May 24 Sales 94 units @ $21
Transcribed Image Text:Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 154 units @ $10 = $1,540 May 5 Purchase 224 units @ $12 = $2,688 May 10 Sales 144 units @ $20 May 15 Purchase 104 units @ $13 = $1,352 May 24 Sales 94 units @ $21
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