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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 | 162 units @ $10 = $1,620 | |
May 5 | Purchase | 232 units @ $12 = $2,784 | |
May 10 | Sales | 152 units @ $20 | |
May 15 | Purchase | 112 units @ $13 = $1,456 | |
May 24 | Sales | 102 units @ $21 |
Multiple Choice
$3,136
$2,724
$3,006
$2,746
$3,016
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