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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Units Sold at Retail Date Activities May 1 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales Units Acquired at Cost 280 units @ $13 285 units @ $15 205 units @ $23 165 units @ $16 11 155 units @ $24 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 Sold at Retail Date May 1 5 10 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales Units Acquired at Cost 290 units @ $14 290 units @ $16 210 units @ $24 170 units @ $17 160 units @ $25 A company had the following purchases and sales during its first year of operations: January: February May : September: November: Purchases 12 units at $150 22 units at $155 17 units at $160 14 units at $165 12 units at $170 Sales 6 units 5 units 9 units 8 units 15 units On December 31, there were 34 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month) 1 On September 1 of the current year, Scots Company experienced a flood that destroyed the company's entire inventory Because the company had not completed its month end reporting for August, it must estimate the amount of inventory lost using the gross profit method At the beginning of August, the company reported beginning inventory of $215,500. Inventory purchased during August was $192,550. Sales for the month of August were $542,600. Assuming the company's typical gross profit ratio is 40%, estimate the amount of inventory destroyed in the flood

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