Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual...

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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 using LIFO. Date May 1 May 5 Activities Beginning inventory Purchase May 10 Sales May 15 Purchase May 24 Sales Multiple Choice $5,440 $2,460 $2,590 Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Units Sold at Retail 100 units @ $13 = $1,300 140 units @ $20 90 units @ $21 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 May 1 May 5 Activities Beginning inventory Purchase May 10 Sales May 15 Purchase May 24 Sales Multiple Choice $5,440 $2,460 $2,590 Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Units Sold at Retail 100 units @ $13 = $1,300 140 units @ $20 90 units @ $21