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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 | 160 units @ $10 = $1,600 | |
May 5 | Purchase | 230 units @ $12 = $2,760 | |
May 10 | Sales | 150 units @ $20 | |
May 15 | Purchase | 110 units @ $13 = $1,430 | |
May 24 | Sales | 100 units @ $21 |
A.) $2,690
B.) $3,100
C.) $2,680
D.) $3,110
E.) $2,580
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