Question
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 | 230 units @ $18 |
|
| 5 | Purchase | 260 units @ $20 |
|
| 10 | Sales |
| 180 units @ $28 |
| 15 | Purchase | 140 units @ $21 |
|
| 24 | Sales |
| 130 units @ $29 |
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Managerial Accounting An Introduction To Concepts Methods And Uses
Authors: Michael W. Maher, Clyde P. Stickney, Roman L. Weil, Sidney Davidson
7th Edition
0030259630, 978-0030259630
