Please do not give solution in image format thanku 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.DateMay 1May SMay 10May 15May 24ActivitiesBeginning inventoryPurchaseSalesPurchaseSalesUnits Acquired at Cost168 units@ $10 $1,680238 units @ $12 = $2,856118 units@ $13= $1,534Units Sold at Retail158 units@ $20108 units@ $21

Last in First Out (LIFO): It is a method of inventory valuation under which inventory is being…

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Determine the cost assigned to cost of goods sold using LIFO.

Financial And Managerial Accounting

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Author:WARREN, Carl S.

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Chapter6: Inventories

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Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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Please do not give solution in image format thanku

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
May 1
May S
May 10
May 15
May 24
Activities
Beginning inventory
Purchase
Sales
Purchase
Sales
Units Acquired at Cost
168 units@ $10 $1,680
238 units @ $12 = $2,856
118 units@ $13= $1,534
Units Sold at Retail
158 units@ $20
108 units@ $21

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