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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 RetailMay 1 Beginning inventory 158 units @ $10 = $1,580 May 5 Purchase 228 units @ $12 = $2,736 May 10 Sales 148 units @ $20May 15 Purchase 108 units @ $13 = $1,404 May 24 Sales 98 units @ $21Multiple Choice$2,670$3,050$2,660$3,060$2,556
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