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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
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 May 1 May S Beginning inventory Purchase May 10 Sales May 15 Purchase May 24 Sales Units Acquired at Cost 150 units $10-$1,500 220 units $12 - $2,640 100 units $13 - $1,300 Units Sold at Retail 140 units $20 90 units @ $21
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