24. Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic 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	150 units @ $10 = $1,500
May 5	Purchase	220 units @ $12 = $2,640
May 10	Sales		140 units @ $20
May 15	Purchase	100 units @ $13 = $1,300
May 24	Sales		90 units @ $21

Multiple Choice

• $2,590

• $2,860

• $2,850

• $2,460

• $2,980

25. A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale?

Date	Activities	Units Acquired at Cost	Units Sold at Retail
October 1	Beginning inventory	15 units @ $12 = $180
October 5	Purchase	10 units @ $13 = $130
October 12	Purchase	20 units @ $14 = $280
October 15	Sales		30 units sold

Multiple Choice

• $160

• $140

• $210

• $590

• $380