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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Managerial Accounting Decision Making and Motivating Performance
Authors: Srikant M. Datar, Madhav V. Rajan
1st edition
132816245, 9780132816243, 978-0137024872
