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.ActivitiesUnits Acquired at Cost310 units @ $16DateUnits Sold at RetailMay 1Beginning InventoryPurchase300 units @ $1810Sales220 units @ $2615Purchase180 units @ $1924Sales170 units @ $27Multiple Choice$13,780$6,400$6.590$7,380$7,040< Prev35 of 60Next >

Name: Salmone Company reported the following purchases and sales of its onl
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Description: 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.ActivitiesUnits Acquired at Cost310 units @ $16DateUnits Sold at Re

LIFO means last in first out where as FIFO means first in first out. In FIFO , cost of goods sold is…

Business

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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. Activities Units Acquired at Cost 310 units e $16 300 units e $18 Date Units Sold at Retail Beginning Inventory Purchase Sales May 1 10 220 units @ $26 15 Purchase 180 units e $19 24 Sales 170 units e $27 Multiple Choice $13,780 $6,400 $6,590 $7.380 $7,040 O O O O

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. Activities Units Acquired at Cost 310 units e $16 300 units e $18 Date Units Sold at Retail Beginning Inventory Purchase Sales May 1 10 220 units @ $26 15 Purchase 180 units e $19 24 Sales 170 units e $27 Multiple Choice $13,780 $6,400 $6,590 $7.380 $7,040 O O O O

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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Dineshkaka
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. Units Sold at Retail Activities Units Acquired at Cost 150 units @ $10.00 220 units @ $12.00 Date Beginning Inventory May 1 Purchase 5 140 units @$20.00 Sales 10 100 units @ $13.00 Purchase 15 Sales 90 units@ $21.00
Required:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to the cost of goods sold using FIFO.
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Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 March 5 Beginning inventory Purchase 250 units @ $54.00 per unit 300 units March 9 Sales March 18 Purchase March 25 Purchase 160 units 300 units @ $59.00 per unit $64.00 per unit 410 units @ $89.00 per unit @ $66.00 per unit March 29 Sales Totals 280 units $99.00 per unit 1,010 units 690 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO…
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20) 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 RetailMay 1 Beginning Inventory 150 units @ $10.00 5 Purchase 220 units @ $12.00 10 Sales 140 units @ $20.0015 Purchase 100 units @ $13.00 24 Sales 90 units @ $21.00 A) $2,260B) $3,180C) $2,580D) $3,580E) $2,100