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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.
Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 160 units @ $11
May 5 Purchase 225 units @ $13
May 10 Sales 145 units @ $21
May 15 Purchase 105 units @ $14
May 24 Sales 95 units @ $22
Select one:
a. $3215
b. $3240
c. $2940
d. $3355
e. $2800
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