Exercises#1,2,3,4

Exercise#1 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 178 units @ $10 = $1,780 May 5 Purchase 248 units @ $12 = $2,976 May 10 Sales 168 units @ $20 May 15 Purchase 128 units @ $13 = $1,664 May 24 Sales 118 units @ $21 A) $3,344 B) $3,076 C) $3,214 D) $2,954 E) $6,420 Exercise#2 A company's inventory records report the following: Date Activities Units Acquired at Cost Units Sold at Retail August 1 Beginning inventory 15 units @ $30 = $450 August 5 Purchase 10 units @ $31 = $310 August 12 Purchase 20 units @ $32 = $640 August 15 Sales 30 units sold Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale? A) $320 B) $250 C) $480 D) $920 E) $1,400 Exercise#3 Grays Company has the folowing purchases and sales during the month of August Using the FIFO perpetual inventory method what amount will be reported as cost of goods sold for the 12 units that were sold? Date Activities Units Acquired at Cost Units Sold at Retail August 1 Beginning inventory 10 units @ $22 = $220 August 3 Purchase 20 units @ $24 = $480 August 6 Sales 12 units sold A) $268 B) $240 C) $260 D) $262 E) $284 Exercise#4 Salmone Company reported the following purchases and sales of its only product. Saimone uses a periodic 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 158 units @ $10 = $1,580 May 5 Purchase 228 units @ $12 = $2,736 May 10 Sales 148 units @ $20 May 15 Purchase 188 units @ $13 = $1,484 May 24 Sales 98 units @ $21 A) $3,084 B) $5,720 C) $2,636 D) $3,050 E) $2,766