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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 ending
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 | Activities | Units Acquired at Cost | Units Sold at Retail |
---|---|---|---|
May 1 | Beginning inventory | 180 units @ $10 = $1,800 | |
May 5 | Purchase | 250 units @ $12 = $3,000 | |
May 10 | Sales | 170 units @ $20 | |
May 15 | Purchase | 130 units @ $13 = $1,690 | |
May 24 | Sales | 120 units @ $21 |
A. 3370
B. 3250
C. 3600
D. 6490
E. 3120
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