Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic...
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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. Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Date Activities Units Sold at Retail May 1 Beginning inventory May 5 Purchase May 10 Sales 140 units @ $20 May 15 Purchase 100 units @ $13 = $1,300 May 24 Sales 90 units @ $21 Multiple Choice $2,580 $2,860 $2,590 $2,850 $2,460 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. Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Date Activities Units Sold at Retail May 1 Beginning inventory May 5 Purchase May 10 Sales 140 units @ $20 May 15 Purchase 100 units @ $13 = $1,300 May 24 Sales 90 units @ $21 Multiple Choice $2,580 $2,860 $2,590 $2,850 $2,460
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Answer 2460 Perpetual inventory system and FIFO method Purchase Sale at cost cost Total cost Units Unit cost Total cost Units Date Purchase Sale at cost Units Unit cost Total cost Units Unit cost Tot ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson, Wayne Thomas
Posted Date:
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