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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 Purchase Sales Purchase Sales 350 units 3 $20 320 units $22 10 15 24 240 units 8 $30 200 units $23 190 units $31 Multiple Choice $14,180 $10,480 $6,200 $6,690
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