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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.

Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 340 units @ $19
5 Purchase 315 units @ $21
10 Sales 235 units @ $29
15 Purchase 195 units @ $22
24 Sales 185 units @ $30

  • $17,365

  • $8,140

  • $9,225

  • $9,005

  • $8,360

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