Question
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the ending
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic 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 | 200 units @ $15 | |
| 5 | Purchase | 245 units @ $17 | |
| 10 | Sales | 165 units @ $25 | |
| 15 | Purchase | 125 units @ $18 | |
| 24 | Sales | 115 units @ $26 |
Answer Choices:
$4,875
$5,055
$4,360
$4,540
$9,415
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Auditing A Practical Approach
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
3rd Edition
0730364577, 978-0730364573
