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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 | Activities | Units Acquired at Cost | Units Sold at Retail |
May 1 | Beginning Inventory | 230 units @ $18 | |
5 | Purchase | 260 units @ $20 | |
10 | Sales | 180 units @ $28 | |
15 | Purchase | 140 units @ $21 | |
24 | Sales | 130 units @ $29 | |
Multiple Choice
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$6,460
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$5,740
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$5,950
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$6,330
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$6,540
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