Salmone Company Reported the Following Purchases and Sales for Its

question 180

Multiple Choice

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. $$\begin{array} { | r | l | r | r | } \hline \multicolumn{1}{|c|} { \text { Date } } & \text { Activities } & \text { Units Acquir ed at Cost } & \text { Units Sold at Retail } \\\hline \text { May 1 } & \text { Beginning Inventory } & 150 \text { units } @ \$ 10.00 & \\\hline 5 & \text { Purchase } & 220 \text { units } @ \$ 12.00 & \\\hline 10 & \text { Sales } & & 140 \text { units } @ \$ 20.00 \\\hline 15 & \text { Purchase } & 100 \text { units } @ \$ 13.00 & \\\hline 24 & \text { Sales } & & 90 \text { units } @ \$ 21.00 \\\hline\end{array}$$

• A)$2,460
• B)$2,590
• C)$2,850
• D)$2,860
• E)$2,580

---

Definitions:

Chart Title

The heading or caption provided at the top of a chart that describes its purpose or content.

Table Cell

A single unit in a table where a row and column intersect, capable of containing text, numbers, or images.

Axis Title

A label that describes the purpose or contents of a particular axis on a graph or chart, helping to clarify the data being presented.

Data Markers

Visual symbols in charts or graphs that represent individual data points.