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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 cost assigned to ending inventory using LIFO. Date May 1 Beginning inventory May 5 Purchase May 10 Sales May 15 Purchase May 24 Sales Activities Units Acquired at Cost 160 units @ $10 = $1,600 230 units @ $12 = $2,760 110 units @ $13 = $1,430 Units Sold at Retail 150 units @ $20 100 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. Determine the cost assigned to ending inventory using LIFO. Date May 1 Beginning inventory May 5 Purchase May 10 Sales May 15 Purchase May 24 Sales Activities Units Acquired at Cost 160 units @ $10 = $1,600 230 units @ $12 = $2,760 110 units @ $13 = $1,430 Units Sold at Retail 150 units @ $20 100 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 cost 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 160 units @ $10 = $1,600 230 units @ $12 = $2,760 110 units @ $13 = $1,430 Units Sold at Retail 150 units @ $20 100 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 cost 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 160 units @ $10 = $1,600 230 units @ $12 = $2,760 110 units @ $13 = $1,430 Units Sold at Retail 150 units @ $20 100 units @ $21
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