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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 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 310 units @ $16 5 Purchase 300 units @ $18 10 Sales 220 units @ $26 15 Purchase 180 units @ $19 24 Sales 170 units @ $27

Multiple Choice $7,040 $6,400 $7,380 $6,590 $13,780

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