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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 | Activities | Units Acquired at Cost | Units Sold at Retail |
| May 1 | Beginning Inventory | 150 units @ $10.00 | |
| 5 | Purchase | 220 units @ $12.00 | |
| 10 | Sales | 140 units @ $20.00 | |
| 15 | Purchase | 100 units @ $13.00 | |
| 24 | Sales | 150 units @ $21.00 |
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The Reward And Benefits Audit
Authors: Michael Armstrong
1st Edition
1907766081, 978-1907766084
