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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 170 units @ $12
5 Purchase 230 units @ $14
10 Sales 150 units @ $22
15 Purchase 110 units @ $15
24 Sales 100 units @ $23

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