29. Salm Company reported the following purchases and sales for its only product. Salm uses...
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Accounting
29. Salm Company reported the following purchases and sales for its only product. Salm uses a perpetual 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
190 units @ $14
5
Purchase
240 units @ $16
10
Sales
160 units @ $24
15
Purchase
120 units @ $17
24
Sales
110 units @ $25
54. One Company reported the following purchases and sales of its only product. One uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
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
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