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TB MC Qu. 05-160 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. assigned to ending inventory using LIFO. Date May 11 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 154 units @ $10-$1,540 224 units @ $12 = $2,688 104 units @ $13 - $1,352 Units Sold at Retail 144 units @ $20 94 units @ $21

TB MC Qu. 05-160 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. assigned to ending inventory using LIFO. Date May 11 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 154 units @ $10-$1,540 224 units @ $12 = $2,688 104 units @ $13 - $1,352 Units Sold at Retail 144 units @ $20 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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TB MC Qu. 05-160 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the com assigned to ending inventory using LIFO. Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales. Units Acquired at Cost 154 units @ $10-$1,540 224 units $12 = $2,688 104 units @ $13 - $1,352 Units Sold at Retail 144 units @ $20 94 units @ $21
Transcribed Image Text:TB MC Qu. 05-160 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the com assigned to ending inventory using LIFO. Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales. Units Acquired at Cost 154 units @ $10-$1,540 224 units $12 = $2,688 104 units @ $13 - $1,352 Units Sold at Retail 144 units @ $20 94 units @ $21
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