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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 | 320 units @ $17 | |
5 | Purchase | 305 units @ $19 | |
10 | Sales | 225 units @ $27 | |
15 | Purchase | 185 units @ $20 | |
24 | Sales | 175 units @ $28 | |
Multiple Choice
$7,160
$6,960
$14,935
$7,640
$7,975
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