Question
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 | 350 units @ $20 | |
| 5 | Purchase | 320 units @ $22 | |
| 10 | Sales | 240 units @ $30 | |
| 15 | Purchase | 200 units @ $23 | |
| 24 | Sales | 190 units @ $31 | |
Multiple Choice
-
$9,880
-
$8,760
-
$9,650
-
$8,990
-
$18,640
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Petroleum Accounting: Principles, Procedures; And Issues
Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou
8th Edition
0940966328, 978-0940966321
