Question

# Acct 291

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

In periodic inventory LIFO, the cost of goods sold and ending inventory is calculated at the end of the accounting period.

Total units available for sale = 310 + 300 + 180 = 790 units

Total units sold = 220 + 170 = 390 units

Ending inventory = Total units available for sale - Total units sold

= 790 – 390

= 400 units

Under the LIFO, latest units acquired become the cost of goods sold and oldest units will remain in inventory and reported as the cost assigned to ending inventory.

 Date Units Rate Total cost May 1 310 \$16 \$4,960 May 5 90 \$18 \$1,620 Total 400 \$6,580

∴ Cost assigned to ending inventory using LIFO = \$6,580

 Date Units Rate Total cost May 1 310 \$           16 \$               4,960 May 5 90 \$           18 \$               1,620 Total 400 \$               6,580

#### Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
• ### Acct 291

Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory330 units @ \$185Purchase310 units @ \$2010Sales230 units @ \$2815Purchase190 units @ \$2124Sales180 units @ \$29

• ### 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 the ending inventory using FIFO. Activities May 1 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales Units Acquired at Cost Units Sold at Retail 310 units @ \$16 300 units @ \$18 220 units @ \$26 180 units @ \$19 170 units @ \$27 Multiple Choice O \$6,400 \$7,190 \$6,590 \$7,380

• ### Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic...

Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic 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 220 units @ \$17 5 Purchase 255 units @ \$19 10 Sales 175 units @ \$27 15 Purchase 135 units @ \$20 24 Sales 125 units @ \$28 Multiple Choice \$7,660 \$3,780 \$6,800 \$4,185 \$5,450

• ### 5-Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic...

5-Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Units Sold at Retail Date Activities May 1 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales Units Acquired at Cost 150 units @ \$10.00 220 units @ \$12.00 140 units @ \$20.00 100 units @ \$13.00 90 units @ \$21.00

• ### 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. Units Sold at Retail Date May 1 Units Acquired at Cost 220 units @ \$17 255 units @ \$19 Activities Beginning Inventory Purchase Sales Purchase Sales 10 175 units @ \$27 15 135 units @ \$20 24 125 units @ \$28 Multiple Choice o O S5,940 • \$5,260 o О \$6,025 o \$11,...

• ### 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

• ### 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 170 units @ \$12 5 Purchase 230 units @ \$14 10 Sales 150 units @ \$22 15 Purchase 110 units @ \$15 24 Sales 100 units @ \$23 Multiple Choice \$6,910 \$3,160 \$3,640 \$3,750 \$3,310

• ### Salmone Company reported the following purchases and sales for its only product Salmone uses a perpetua/inventory...

Salmone Company reported the following purchases and sales for its only product Salmone uses a perpetua/inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date May 1 5 1844 Activities Beginning Inventory Purchase Sales Purchase Sales Units Acquired at Cost Units Sold at Retail 320 units @ \$17 305 units \$19 225 units @ \$27 185 units @ \$20 175 units e \$28 15 24

• ### Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic...

Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 320 units @ \$17 5 Purchase 305 units @ \$19 10 Sales 225 units @ \$27 15 Purchase 185 units @ \$20 24 Sales 175 units @ \$28

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

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO Units Sold at Retail Units Acquired at Cost 300 units@\$15 295 units@\$17 Activities Date May 1 Beginning Inventory Purchase 215 units \$25 Sales 10 175 units \$18 Purchase 15 165 units \$26 Sales 24