Question
Salmone Company reported the following purchases and sales of its only product. Salmone uses aperpetualinventory system. Determine the cost assigned to ending inventory using LIFO.
Salmone Company reported the following purchases and sales of its only product. Salmone uses aperpetualinventory system. Determine the cost assigned to ending inventory using LIFO.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
| May 1 | Beginning Inventory | 150 units @ $10.00 | |
| 5 | Purchase | 220 units @ $12.00 | |
| 10 | Sales | 140 units @ $20.00 | |
| 15 | Purchase | 100 units @ $13.00 | |
| 24 | Sales | 150 units @ $21.00 |
$2,260$3,180$1,860$3,580$2,100
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel G Short, George Kanaan, Maureen Sterling
6th Canadian edition
73208140, 1259105695, 978-1259105692
