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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 May 1 Beginning inventory May 5 Purchase May 10 Sales May 15 Purchase May 24 Sales Units Acquired at Cost = 152 units @ $10 $1,520 222 units @ $12 = $2,664 Units Sold at Retail 142 units @ $20 102 units @ $13 $1,326 = 92 units @ $21
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