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

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Accounting

Salmone Company reported the following purchases and sales ofits only product. Salmone uses a periodic inventory system.Determine the cost assigned to ending inventory using LIFO.
Date Activities Units Acquiredat Cost Units Sold atRetail
May 1 Beginning Inventory 310 units @$16
5 Purchase 300 units @$18
10 Sales 220 units @$26
15 Purchase 180 units @$19
24 Sales 170 units @$27
A)$5,174
B)$4,860
C)$10,100
D)$7,880
E)$6,580
Salmone Company reported the following purchases and sales ofits only product. Salmone uses a perpetual inventorysystem. Determine the cost assigned to ending inventory usingLIFO.
Date Activities Units Acquiredat Cost Units Sold atRetail
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
A)$3,900
B)$4,340
C)$4,040
D)$4,705
E)$8,605
Salmone Company reported the following purchases and sales ofits only product. Salmone uses a perpetual inventorysystem. Determine the cost assigned to cost of goods sold usingFIFO.
Date Activities Units Acquiredat Cost Units Sold atRetail
May 1 Beginning Inventory 160 units @$11
5 Purchase 225 units @$13
10 Sales 145 units @$21
15 Purchase 105 units @$14
24 Sales 95 units @$22
A)$6,155
B)$3,215
C)$2,800
D)$3,355
E)$2,940

Answer & Explanation Solved by verified expert

3.5 Ratings (491 Votes)

Answer 1 Ending Inventory 310 300 220 180 170 400 units Cost assigned to ending inventory 310 units x 16 4960 90 units x 18 1620 Total Cost for 310 90 400 units 4960 See Answer

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