Question
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 | 210 units @ $16 | |
| 5 | Purchase | 250 units @ $18 | |
| 10 | Sales | 170 units @ $26 | |
| 15 | Purchase | 130 units @ $19 | |
| 24 | Sales | 120 units @ $27 | |
-
$4,990
-
$10,330
-
$5,530
-
$5,440
-
$4,800
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Accounting Business Reporting For Decision Making
Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver, David Bond
7th Edition
0730369323, 9780730369325
