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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 | 340 units @ $19 | |
| 5 | Purchase | 315 units @ $21 | |
| 10 | Sales | 235 units @ $29 | |
| 15 | Purchase | 195 units @ $22 | |
| 24 | Sales | 185 units @ $30 | |
Multiple Choice
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$9,005
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$8,900
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$8,140
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$8,360
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$9,225
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