Question
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 | 310 units @ $16 | |
| 5 | Purchase | 300 units @ $18 | |
| 10 | Sales | 220 units @ $26 | |
| 15 | Purchase | 180 units @ $19 | |
| 24 | Sales | 170 units @ $27 | |
-
$6,590
-
$7,190
-
$6,580
-
$7,200
-
$6,400
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The Productivity Audit
Authors: Mark Spelman, Paul Spence
1st Edition
1907766073, 978-1907766077
