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 | 188 units @ $10 | = | $ | 1,880 | ||
| May 5 | Purchase | 258 units @ $12 | = | $ | 3,096 | ||
| May 10 | Sales | 178 units @ $20 | |||||
| May 15 | Purchase | 138 units @ $13 | = | $ | 1,794 | ||
| May 24 | Sales | 128 units @ $21 | |||||
| $4,168 | ||
| $2,960 | ||
| $3,960 | ||
| $2,670 | ||
| $3,172 |
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Essentials Of Marketing
Authors: David Brown, Alex Thompson
1st Edition
0367773422, 9780367773427
