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52. A company had the following purchases and sales during its first year of operations:...

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Accounting

52. A company had the following purchases and sales during its first year of operations:

Purchases Sales
January: 23 units at $205 17 units
February: 33 units at $210 17 units
May: 28 units at $215 21 units
September: 25 units at $220 20 units
November: 23 units at $225 25 units

On December 31, there were 32 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

54. 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.

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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