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A company uses the periodic inventory system and had the following activity during the current monthly period. Units Sold at Retail Date November 1 November 5 November 8 November 16 November 19 Activities Beginning inventory Purchase Purchase Sales Purchase Units Acquired at Cost 124 units @ $20 - $2,480 112 units @ $22 - $2,464 62 units @ $23 = $1,426 224 units @ $45 62 units @ $25 = $1,550 Using the weighted average inventory method, the company's ending inventory would be: 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 @ $12 = $180 October 5 Purchase 10 units @ $13 = $130 October 12 Purchase 20 units @ $14 = $280 October 15 Sales 30 units sold Multiple Choice Salmone Company reported the following purchases and sales of its only product. Salmone 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 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