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Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO 8 Date Activities May 1 Beginning inventory May 5 Purchase Units Acquired at Cost 164 units @$10 = $1,640 234 units @ $12 = $ 2,808 Units Sold at Retail May 10 Sales May 15 Purchase 114 units @ $13 = $ 1,482 May 24 Sales 154 units @ $20 104 units @ $21 Multiple Choice $3.210 $2.600 $2.730 $3.200
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