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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 May 1 May 5 Activities Beginning inventory Purchase May 10 Sales May 15 Purchase May 24 Sales Multiple Choice $3,500 $3,340 $3,370 Units Acquired at Cost Units Sold at Retail 190 units @ $10 260 units @ $12 = $1,900 $3,120 180 units @ $20 140 units @ $13 = $1,820 130 units @ $21
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