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 aperpetualinventory 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 270 units at $12
May 5 Purchase 280 units at $14
May 10 Sales 200 units at $22
May 15 Purchase 160 units at $15
May 24 Sales 150 units at $23
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Microsoft Excel For Accounting The First Course
Authors: L Murphy Smith, Katherine Smith
1st Edition
0130085529, 978-0130085528
