19. 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	170 units @ $10 = $1,700
May 5	Purchase	240 units @ $12 = $2,880
May 10	Sales		160 units @ $20
May 15	Purchase	120 units @ $13 = $1,560
May 24	Sales		110 units @ $21

Multiple Choice

• $2,850

• $3,240

• $6,140

• $3,110

• $2,900

20. Ace Company reported the following information for the current year:

Sales	$ 414,000
Cost of goods sold:
Beginning inventory	$ 138,000
Cost of goods purchased	277,000
Cost of goods available for sale	415,000
Ending inventory	148,000
Cost of goods sold	267,000
Gross profit	$ 147,000

The beginning inventory balance is correct. However, the ending inventory figure was overstated by $24,000. Given this information, the correct gross profit would be:

Multiple Choice

• $171,000.

• $123,000.

• $114,000.

• $147,000.

• $136,000

22. A company has the following purchases and sales during March. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold?

Date	Activities	Units Acquired at Cost	Units Sold at Retail
March 1	Beginning inventory	10 units @ $34 = $340
March 2	Purchase	10 units @ $36 = $360
March 6	Purchase	6 units @ $39 = $234
March 8	Sales		22 units @ $68

Multiple Choice

• $744

• $856

• $934

• $778

• $812