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 210 units @ $16.00
5 Purchase 250 units @ $18.00
10 Sales 170 units @ $26.00
15 Purchase 130 units @ $19.00
24 Sales 120 units @ $27.00
a.$2,260 b.$3,180 c.$1,860 d.$3,580 e.$2,100
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Supply Chain Management Accounting Managing Profitability Working Capital And Asset Utilization
Authors: Simon Templar
1st Edition
0749472995, 978-0749472993
