= = Po Heading 1 Heading 2 Avu * Important QUESTION 12 1. 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. Date May 1 5 Activities Units Acquired at Cost Units Sold at Retail Beginning Inventory 150 units @ $10.00 Purchase 220 units @ $12.00 Sales 140 units @ $20.00 Purchase 100 units @ $13.00 Sales 90 units @ $21.00 10 15 24 $2,590 $2,580 $2,860 $2,850 $2,460 QUESTION 17 Use the following information for Shafer Company to compute inventory turnover for year 2. Net sales Cost of goods sold Ending inventory 5.08 8.30 Year 2 647,500 $ 389,500 76,700 Year ! 582,000 360,840 79,380 9.98 4.99