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

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Question

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

Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO.

Multiple Choice

$4,565

$4,705

$4,040

$3,900

$4,340

business accounting

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Answer 1

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Answer #2

A.$4,565.

may 10 sales : cost of goods sold = 195 units * $13 per unit purchased on may 05 =>$2,535.

may 24 sales : cost of goods sold = 145 units * $14 per units purchased on may 15 =>$2,030.

total cost of gooods sold using LIFO = $2535 +2030 =>$4,565.

answered by: JUICE

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Answer 2

Answer #1

The correct answer is $ 4,565

Notes:

Cost of goods sold using LIFO = 145 Units * $ 14 + 195 Units * $ 13

= $ 4,565

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Answer 3

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

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