Question
In: Accounting
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.
DateActivitiesUnits Acquired at CostUnits Sold at Retail
May 1Beginning Inventory340 units @ $19
5Purchase315 units @ $21
10Sales 235 units @ $29
15Purchase195 units @ $22
24Sales 185 units @ $30
Solutions
Expert Solution
| LIFO METHOD - PERPETUAL ACCOUNT | ||||||||||
| PURHASES | COST OF GOODS SOLD | CLOSING BALANCE | ||||||||
| Date | Particulars | Units (A) | Rate Per unit | Total Cost | Units (A) | Rate Per unit | Total Cost | Units (A) | Rate Per unit | Total Cost |
| May , 01 | Begnning inventory | 340 | $ 19.00 | $ 6,460 | ||||||
| May, 05 | Purchases | 315 | $ 21.00 | $6,615 | 340 | $ 19.00 | $ 6,460 | |||
| 315 | $ 21.00 | $6,615 | ||||||||
| May, 10 | Sales | 235 | $ 21.00 | $4,935 | 340 | $ 19.00 | $ 6,460 | |||
| 80 | $ 21.00 | $1,680 | ||||||||
| May, 15 | Purchases | 195 | $ 22.00 | $4,290 | 340 | $ 19.00 | $ 6,460 | |||
| 80 | $ 21.00 | $1,680 | ||||||||
| 195 | $ 22.00 | $4,290 | ||||||||
| May, 24 | Sales | 185 | $ 22.00 | $4,070 | 340 | $ 19.00 | $ 6,460 | |||
| 80 | $ 21.00 | $1,680 | ||||||||
| 10 | $ 22.00 | $220 | ||||||||
| TOAL | 510 | $10,905 | 420 | $9,005 | 430 | $ 8,360 | ||||
| Answer = Cost Assigned to Ending inventory = $ 8,360 | ||||||||||
ekkarill92 answered 2 years agoRelated Solutions
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.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
May 1
Beginning Inventory
210 units @ $16
5
Purchase
250 units @ $18
10
Sales
170 units @ $26
15
Purchase
130 units @ $19
24
Sales
120 units @ $27
What is the correct answer?
Multiple Choice
$5,530
$4,800
$5,340...
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.
Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 160 units @ $11
May 5 Purchase 225 units @ $13
May 10 Sales 145 units @ $21
May 15 Purchase 105 units @ $14
May 24 Sales 95 units @ $22
Select one:
a. $3215
b. $3240...
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 cost of goods sold using
FIFO.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
May 1
Beginning Inventory
150 units @ $10.00
5
Purchase
220 units @ $12.00
10
Sales
140 units @ $20.00
15
Purchase
100 units @ $13.00
24
Sales
90 units @ $21.00
Multiple Choice
$2,980
$2,460
$2,850
$2,590
$5,440
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
320 units @
$17
5
Purchase
305 units @
$19
10
Sales
225 units @
$27
15
Purchase
185 units @
$20
24
Sales
175 units @
$28
Multiple Choice
$7,160
$6,960
$14,935
$7,640
$7,975
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 150 units @ $10.00 5 Purchase 220 units @
$12.00 10 Sales 140 units @ $20.00 15 Purchase 100 units @ $13.00
24 Sales 90 units @ $21.00
Multiple Choice $2,980 $2,460 $2,860 $5,440 $2,590
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual...
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.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
May 1
Beginning Inventory
230 units @ $18
5
Purchase
260 units @ $20
10
Sales
180 units @ $28
15
Purchase
140 units @ $21
24
Sales
130 units @ $29
Multiple Choice
$6,460
$5,740
$5,950
$6,330
$6,540
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual...
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.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
May 1
Beginning Inventory
200 units @ $15
5
Purchase
245 units @ $17
10
Sales
165 units @ $25
15
Purchase
125 units @ $18
24
Sales
115 units @ $26
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 cost of goods sold using
FIFO.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
May 1
Beginning Inventory
150 units @ $10.00
5
Purchase
220 units @ $12.00
10
Sales
140 units @ $20.00
15
Purchase
100 units @ $13.00
24
Sales
90 units @ $21.00
1. Salmone Company reported the following purchases and sales of its only product. Salmone uses a...
1. Salmone Company reported the following purchases and sales of
its only product. Salmone 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 160 units @ $11 5 Purchase 225 units @ $13 10
Sales 145 units @ $21 15 Purchase 105 units @ $14 24 Sales 95 units
@ $22 Multiple Choice $3,215 $3,355 $6,155 $2,940 $2,800
2.
Salmone...
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
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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