PART A: Using FIFO, determine the cost assigned to: $(1)$ the ending inventory and $(2)$ cost of goods sold.

PART B: Using LIFO, determine the cost assigned to: $(1)$ the ending inventory and $(2)$ cost of goods sold.

PART C: Using weighted average cost method, determine the cost assigned to: $(1)$ the ending inventory and $(2)$ cost of goods sold.

$5$PART A: Using FIFO, determine the cost assigned to: $(1)$ the ending inventory and $(2)$ cost of goods sold.

PART B: Using LIFO, determine the cost assigned to: $(1)$ the ending inventory and $(2)$ cost of goods sold.

PART C: Using weighted average cost method, determine the cost assigned to: $(1)$ the ending inventory and $(2)$ cost of goods sold.

$5$

Problems

Problem $1$

Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system.

$\backslash$table$[[(),$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,$100$ units @ $$13=$$$1,300,],[$May $15,$Purchase,,$],[$May $24,$Sales,$90$ units @ $$21,]]$

$4$