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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
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 Units Acquired at Cost Units Sold at Retail Activities May 1 Beginning inventory 152 units @ $10 $1,520 May 5 Purchase 222 units @ $12 $2,664 May 10 Sales 142 units @ $20 May 15 Purchase 102 units @ $13 = $1,326 May 24 Sales 92 units @ $21 Multiple Choice $3,006 $2,504 $2,876 $2,616 $2,886
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