Salmone Company reported the following purchases and sales of its only product. Salmone uses a...
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Accounting
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 174 units @ $10 = $1,740 May 5 Purchase 244 units @ $12 = $2,928 May 10 Sales 164 units @ $20 May 15 Purchase 124 units @ $13 = $1,612 May 24 Sales
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