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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 | 220 units @ $17 | |
| May 5 | Purchase | 255 units @ $19 | |
| May 10 | Sales | 175 units @ $27 | |
| May 15 | Purchase | 135 units @ $20 | |
| May 24 | Sales | 125 units @ $28 |
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