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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date Units Sold at Retail Units Acquired at Cost 180 units @ $10 $1,800 250 units @ $12 $3,000 May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales 170 units @ $20 130 units @ $13 = $1,690 120 units @ $21 Multiple Choice $6,490 O $2,760 O $2,890 O O $3,730 O $3,610
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