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Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
---|---|---|---|
May 1 | Beginning inventory | 164 units @ $10 = $1,640 | |
May 5 | Purchase | 234 units @ $12 = $2,808 | |
May 10 | Sales | 154 units @ $20 | |
May 15 | Purchase | 114 units @ $13 = $1,482 | |
May 24 | Sales | 104 units @ $21 |
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