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 | 280 units @ $13 | |
| 5 | Purchase | 285 units @ $15 | |
| 10 | Sales | 205 units @ $23 | |
| 15 | Purchase | 165 units @ $16 | |
| 24 | Sales | 155 units @ $24 | |
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Principles Of Auditing An Introduction To International Standards On Auditing
Authors: Rick Stephan Hayes, Roger Dassen, Arnold Schilder, Philip Wallage
2nd Edition
0273684108, 978-0273684107
