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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 | 170 units @ $12 | |
| 5 | Purchase | 230 units @ $14 | |
| 10 | Sales | 150 units @ $22 | |
| 15 | Purchase | 110 units @ $15 | |
| 24 | Sales | 100 units @ $23 | |
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Philosophy Of Auditing
Authors: Robert K. Mautz
19th Edition
0865390029, 978-0865390027
