Question
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
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 Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 340 units @ $19
5 Purchase 315 units @ $21
10 Sales 235 units @ $29
15 Purchase 195 units @ $22
24 Sales 185 units @ $30
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Cornerstones of Managerial Accounting
Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman
2nd Canadian edition
978-0176721237, 978-0176530884
