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

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

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual 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	180 units @ $13
5	Purchase	235 units @ $15
10	Sales		155 units @ $23
15	Purchase	115 units @ $16
24	Sales		105 units @ $24

Multiple Choice

$7,705
$3,540
$3,700
$4,060
$4,165

business accounting

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Answer 1

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Answer #1

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

Answer 2 3 The correct answer is $ 3700 5 5 7 3 Ending inventory LIFO = No. of units in ending inventory * Cost per unit as p

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Answer 2

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