Problems

Problem $1$

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

$\backslash$table$[[$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]]$

$4$

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