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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
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 Units Sold at Retail Units Acquired at Cost 186 units @ $10 $1,860 256 units @ $12 $3,072 = = May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales 176 units @ $20 136 units @ $13 = $1,768 126 units @ $21 Multiple Choice O $3,448 (0) $3,252 O $3,318 o $3,058 $6,700
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