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Salmone Company reported the following purchases and sales for its only product. Salmone uses a...

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Question

Accounting

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.

Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 300 units @ $15
5 Purchase 295 units @ $17
10 Sales 215 units @ $25
15 Purchase 175 units @ $18
24 Sales 165 units @ $26

Multiple Choice

  • $6,040

  • $6,030

  • $5,860

  • $6,635

  • $6,625

Answer & Explanation Solved by verified expert
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