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Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO. Activities Date May 1 May 5 Beginning inventory May 10. Purchase Sales. Units Acquired at Cost 186 units $10 - $1,860 256 units $12 - $3,072 Units Sold at Retail 176 units $20 May 15 Purchase 136 units $13 - $1,768 May 24 Sales 126 units $21 Multiple Choice $3,750 $3,252 $3,448 $3,382
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