6. 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.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
May 1	Beginning inventory	160 units @ $10 = $1,600
May 5	Purchase	230 units @ $12 = $2,760
May 10	Sales		150 units @ $20
May 15	Purchase	110 units @ $13 = $1,430
May 24	Sales		100 units @ $21

Multiple Choice

• $2,690

• $3,100

• $2,680

• $3,110

• $2,580

7.

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 @ $29 = $435
October 5	Purchase	10 units @ $30 = $300
October 12	Purchase	20 units @ $31 = $620
October 15	Sales		30 units sold

Multiple Choice

• $310

• $245

• $465

• $805

• $1,355

9.

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory 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

• $3,240

• $2,900

• $3,110

• $2,850

• $3,120