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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 320 units @ $17
5 Purchase 305 units @ $19
10 Sales 225 units @ $27
15 Purchase 185 units @ $20
24 Sales 175 units @ $28

Multiple Choice

  • $7,640

  • $7,775

  • $7,160

  • $6,960

  • $7,975

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