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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. Date May 1 May 5 Activities Beginning inventory Purchase Units Acquired at Cost 184 units @ $10 = $1,840 254 units @ $12 = $3,048 Units Sold at Retail May 10 Sales 174 units @ $20 May 15 Purchase 134 units @ $13 = $1,742 May 24 Sales 124 units @ $21
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