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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