TB MC Qu. 05-160 (Algo) Salmone Company reported... 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. Activities Date May 1 May 5 Beginning inventory May 10 Purchase Sales Units Acquired at Cost 172 units $10 = $1,720 242 units $12 = $2,904 Units Sold at Retail 162 units $20 May 15 Purchase 122 units @ $13 = $1,586 May 24 Sales 112 units $21 Multiple Choice $6,210 $2,680 TB MC Qu. 05-97 (Algo) A company's inventory records indicate the following... A company's inventory records indicate the following data for the month of April: Date Activities April 1 Beginning inventory April 7 Purchase Units Acquired at Cost 880 units @ $36 = $31,680 760 units @ $40 = $30,400 Units Sold at Retail April 11 Sale 1,360 units @ $110 April 16 Purchase 680 units @ $44 = $29,920 400 units @ $110 April 22 Sale The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 380 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. Multiple Choice $28,480. TB MC Qu. 05-165 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO. Activities Date May 1 May 5 Beginning inventory May 10 Purchase Sales Units Acquired at Cost 176 units @ $10 = $1,760 246 units $12 = $2,952 Units Sold at Retail 166 units $20 May 15 Purchase 126 units @ $13 = $1,638 May 24 Sales 116 units $21 Multiple Choice $2,850 $3,500 TB MC Qu. 05-158 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Activities Beginning inventory Purchase Date May 1 May 5 May 10 Sales May 15 Purchase May 24 Sales Units Acquired at Cost 164 units @ $10 = $1,640 234 units $12 = $2,808 Units Sold at Retail 154 units @ $20 114 units $13 = $1,482 104 units @ $21 Multiple Choice $3,162 $2,768 TB MC Qu. 05-162 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO. Activities Beginning inventory Purchase Date May 1 May 5 May 10 Sales May 15 Purchase May 24 Sales Units Acquired at Cost 152 units $10 $1,520 222 units $12 $2,664 Units Sold at Retail = = 142 units @ $20 102 units $13 = $1,326 92 units $21 Multiple Choice $3,006 $5,510 TB MC Qu. 05-131 (Algo) A company has the following products... A company has the following products in its ending inventory. Compute lower of cost or market for inventory applied separately to each product Cost per Market per Product Quantity Unit Unit Product A 10 $ 730 $ 700 Product B 15 $ 530 $ 570 Product C 20 $ 680 $ 705 Multiple Choice $28,850. $28,550. TB MC Qu. 05-100 (Algo) A company's inventory records indicate the following... A company's inventory records indicate the following data for the month of January: Date Activities January 1 January 8 Beginning inventory Purchase Units Acquired at Cost 520 units @ $18 = $9,360 500 units $20 = $10,000 Units Sold at Retail January 12 Sale 920 units $70 January 17 Purchase 560 units $22 = $12,320 January 23 Sale 380 units $70 January 28 Purchase 620 units @ $24 = $14,880 If the company uses the LIFO perpetual inventory system, what would be the cost of the ending inventory? Multiple Choice $8,360. TB MC Qu. 05-161 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date Activities May 1 May 5 Beginning inventory Purchase Units Acquired at Cost 162 units @ $10 = $ 1,620 232 units @ $12 = $2,784 Units Sold at Retail May 10 Sales 152 units @ $20 May 15 Purchase 112 units @ $13 = $ 1,456 May 24 Sales 102 units $21 Multiple Choice $3,160 $2,580