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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 the ending
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.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
| May 1 | Beginning Inventory | 280 units @ $13 | |
| 5 | Purchase | 285 units @ $15 | |
| 10 | Sales | 205 units @ $23 | |
| 15 | Purchase | 165 units @ $16 | |
| 24 | Sales | 155 units @ $24 |
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Conservation Easement Audit Techniques Guide
Authors: U.S. Internal Revenue Service
1st Edition
0359516998, 978-0359516995
