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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. Units Acquired at Cost 186 units @ $10 = $1,860 Units Sold at Retail Date Activities May 1 Beginning inventory May 5 Purchase 256 units @ $12 = $3,072 May 10 Sales 176 units @ $20 May 15 Purchase 136 units @ $13 = $1,768 May 24 Sales 126 units @ $21
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