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. Activities Date May 1 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales Units Acquired at Cost Units Sold at Retail 340 units @ $19 315 units @ $21 195 units @ $22 235 units @ $29 185 units @ $30 Multiple Choice O O O $8,360 $9,005 $8,350 $9,015 $8,140 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 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales Units Acquired at Cost Units Sold at Retail 340 units @ $19 315 units @ $21 195 units @ $22 235 units @ $29 185 units @ $30 Multiple Choice O O O $8,360 $9,005 $8,350 $9,015 $8,140
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