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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 180 units @ $13 5 Purchase 235 units @ $15 10 Sales 155 units @ $23 15 Purchase 115 units @ $16 24 Sales 105 units @ $24
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