Question
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 180 units @ $10 = $1,800
May 5 Purchase 250 units @ $12 = $3,000
May 10 Sales 170 units @ $20
May 15 Purchase 130 units @ $13 = $1,690
May 24 Sales 120 units @ $21
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Accounting For Non-Accounting Students
Authors: John R. Dyson, Ellie Franklin
9th Edition
978-1292128979, 1292128976
