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  3. 29. salm company reported the following purchases

29. Salm Company reported the following purchases and sales for its only product. Salm uses...

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Accounting

29. Salm Company reported the following purchases and sales for its only product. Salm uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO.

Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 190 units @ $14
5 Purchase 240 units @ $16
10 Sales 160 units @ $24
15 Purchase 120 units @ $17
24 Sales 110 units @ $25

54. One Company reported the following purchases and sales of its only product. One uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO.

Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 260 units @ $11
5 Purchase 275 units @ $13
10 Sales 195 units @ $21
15 Purchase 155 units @ $14
24 Sales 145 units @ $22

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