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Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of
Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 350 units @ $20 5 Purchase 320 units @ $22 10 Sales 240 units @ $30 15 Purchase 200 units @ $23 24 Sales 190 units @ $31 Multiple Choice $9,660 $8,980 $8,760 $8,990 $9,650
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