Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual...

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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 inventory using FIFO. 1 Date Activities May 1 Beginning inventory May 5 Purchase May 10 Sales May 15 Purchase May 24 Sales Units Acquired at Cost 166 units @ $10 = $1,660 236 units @ $12 = $2,832 Units Sold at Retail 156 units @ $20 116 units @ $13 = $1,508 106 units @ $21 Multiple Choice $3,058 $3,188 $2,798 $3,068 $2,812 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. 1 Date Activities May 1 Beginning inventory May 5 Purchase May 10 Sales May 15 Purchase May 24 Sales Units Acquired at Cost 166 units @ $10 = $1,660 236 units @ $12 = $2,832 Units Sold at Retail 156 units @ $20 116 units @ $13 = $1,508 106 units @ $21 Multiple Choice $3,058 $3,188 $2,798 $3,068 $2,812

Answer rating: 100% (QA)

List the purchases and sales Beginning Inventory 166 units 10 Purchase on May 5 236 units ... View the full answer