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