Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date May 1 Beginning inventory 150 units @ $10-$1,500 May 5 Purchase 220 units @ $12-$2,640 May 10 Sales May 15 Purchase May 24 Sales $5,440 $2,460 O $2,590 O $2,980 O $2,860 Activities Units Acquired at Cost Units Sold at Retall 100 units @ $13- $1,300 140 units@ $20 90 units @ $21

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date May 1 Beginning inventory 150 units @ $10-$1,500 May 5 Purchase 220 units @ $12-$2,640 May 10 Sales May 15 Purchase May 24 Sales $5,440 $2,460 O $2,590 O $2,980 O $2,860 Activities Units Acquired at Cost Units Sold at Retall 100 units @ $13- $1,300 140 units@ $20 90 units @ $21

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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