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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 cost of
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
May 1 | Beginning Inventory | 150 units @ $10.00 | |
5 | Purchase | 220 units @ $12.00 | |
10 | Sales | 140 units @ $20.00 | |
15 | Purchase | 100 units @ $13.00 | |
24 | Sales | 90 units @ $21.00 | |
Multiple Choice
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$2,980
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$2,460
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$2,850
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$2,590
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$5,440
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