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 May 1 Beginning Inventory Units sold at Retail 290 units @ $14 5 Purchase 290 units @ $16 10 Sales 210 units @ $24 15 Purchase 170 units @ $17 24 Sales 160 units 525 Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Units sold at Retani Date May 1 5 10 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales Units Acquired at Cost 240 units @ $19 265 units @ $21 185 units @ $29 145 units @ $22 135 units $30 Save & Coedst Debit $18,000 12,100 2.000 23,000 No Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 301 A. Cruz, Capital 302 A Cruz) Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals $6,500 44,95 6,000 42,206 2,000 20,603 1,272 2.42 10 1. Prepare the December 31, closing entries for Cruz Company Assume the account number for Income Summary is 901 2. Prepare the December 31, post.closing trial balance uz Company Note: A Cruz, Capital was $44.995 on December 31 of the prior year Journal entry worksheet