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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. Date Units Sold at Retail Units Acquired at Cost 182 units @ $10 = $ 1,820 252 units @ $12 = $ 3,024 May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales 172 units @ $20 132 units @ $13 = $ 1,716 122 units @ $21 Multiple Choice $3,660 O $2,780 $2,910 O $3,650 O $3,780
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