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 | 300 units @ $15 | |
| 5 | Purchase | 295 units @ $17 | |
| 10 | Sales | 215 units @ $25 | |
| 15 | Purchase | 175 units @ $18 | |
| 24 | Sales | 165 units @ $26 | |
Multiple Choice
-
$4,825
-
$4,550
-
$9,180
-
$6,030
-
$7,280
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Advanced Financial Accounting
Authors: Thomas H. Beechy
5th Edition
0131236997, 9780131236998
