Question 1. Salmone Company reported the following purchases and sales of its only product, Salmone uses aperperual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Units Acquired atSold at Cost Retail May Beginning 1 Inventory 5 Purchase 150 units a $10.00 220 units @ $12.00 10 Sales 140 units $20.00 15 Purchase 100 units $13.00 90 units $21.00 24 Sales $2,980 )$2,860 $2,850 $2,460 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