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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
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 | Activities | Units Acquired at Cost | Units Sold at Retail |
May 1 | Beginning Inventory | 350 units @ $20 | |
5 | Purchase | 320 units @ $22 | |
10 | Sales | 240 units @ $30 | |
15 | Purchase | 200 units @ $23 | |
24 | Sales | 190 units @ $31 | |
Multiple Choice
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$9,880
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$9,560
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$18,640
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$8,760
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$8,990
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