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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 | 260 units @ $11 | |
| 5 | Purchase | 275 units @ $13 | |
| 10 | Sales | 195 units @ $21 | |
| 15 | Purchase | 155 units @ $14 | |
| 24 | Sales | 145 units @ $22 |
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Understanding Financial Statements A Manager S Guide
Authors: David S. Murphy Ph.D. ,Ernest W. Murphy
1st Edition
1530688787, 978-1530688784
