Please do not give solution in image format thanku TB MC Qu. 05-161 (Algo) Salmone Company reported...Salmone Company reported the following purchases and sales for its only product Salmone uses a perpetual inventory system. Determine the cost assigned to cost ofgoods sold using LIFODateMay 1May 5May 10May 15May 24ActivitiesBeginning inventoryPurchaseSalesPurchaseSalesUnits Acquired at Cost152 units @ $10-$1,520222 units @ $12-$2,064102 units @ $13- $ 1,326Units Sold at Retail.142 units @ $2092 units @ $21

LIFO stands for last in first out. Using LIFO, the newer inventory is sold first and older inventory…

TB MC Qu. 05-161 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales for its only product Salmone uses a perpetual inventory system. Determine the cos goods sold using LIFO Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 152 units @ $10-$1,520 222 units@ $12-$2,664 102 units @ $13- $ 1,326 Units Sold at Retail 142 units@ $20 92 units @ $21

TB MC Qu. 05-161 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales for its only product Salmone uses a perpetual inventory system. Determine the cos goods sold using LIFO Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 152 units @ $10-$1,520 222 units@ $12-$2,664 102 units @ $13- $ 1,326 Units Sold at Retail 142 units@ $20 92 units @ $21

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.4.1P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...

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Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
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Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost and at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed below as an example.
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