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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
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. Units Sold at Retail Units Acquired at Cost 156 units @ $10 = $1,560 226 units @ $12 = $2,712 Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales 146 units @ $20 106 units @ $13 = $1,378 96 units @ $21 Multiple Choice $3,058 () $2,592 O $2,928 (0) $2,668 O O $2,938
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