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 | 290 units @ $14 | |
| 5 | Purchase | 290 units @ $16 | |
| 10 | Sales | 210 units @ $24 | |
| 15 | Purchase | 170 units @ $17 | |
| 24 | Sales | 160 units @ $25 | |
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
1118334329, 978-1118334324
