Salmone Company Reported the Following Purchases and Sales of Its

question 166

Multiple Choice

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

• A) $2,100
• B) $2,260
• C) $2,580
• D) $3,580
• E) $3,180

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Definitions:

Unpopularity

A state or condition of not being liked or popular among peers or in a broader social context.

Characteristics

refer to distinguishing traits, qualities, or properties that identify and differentiate a person, object, or phenomenon.

Appeal to Majority

A logical fallacy where the popularity of an idea is used as evidence of its truth or correctness.

Argument

A set of statements or reasons put forth to support a conclusion.