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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 | 210 units @ $16 | |
5 | Purchase | 250 units @ $18 | |
10 | Sales | 170 units @ $26 | |
15 | Purchase | 130 units @ $19 | |
24 | Sales | 120 units @ $27 | |
What is the correct answer?
Multiple Choice
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$5,530
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$4,800
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$5,340
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$4,990
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$5,440
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