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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 Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 240 units @ $19
5 Purchase 265 units @ $21
10 Sales 185 units @ $29
15 Purchase 145 units @ $22
24 Sales 135 units @ $30

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