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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 168 units @ $10 = $1,680 May 5 Purchase 238 units @ $12 = $2,856 May 10 Sales 158 units @ $20 May 15 Purchase 118 units @ $13 = $1,534 May 24 Sales 108 units @ $21
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