TB MC Qu. 05-162 (Algo) Salmone Company reported the following... 15 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. Units sold at Retail 1 points Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 154 units @ $10 = $1,540 224 units @ $12 = $2,688 144 units @ $20 184 units @ $13 = $1,352 eBook 94 units @ $21 Multiple Choice References O $3.032 O $5.590 $2.549 $2.950 S250 $2678 $2.670 TB MC Qu. 05-84 (Algo) Ace Company reported the following... 16 1 points Ace Company reported the following information for the current year. Sales $ 413,000 Cost of goods sold: Beginning inventory $ 136,500 Cost of goods purchased 276,000 Cost of goods available for sale 412,500 Ending inventory 147,000 Cost of goods sold 265,500 Gross profit $ 147,500 eBook Print The beginning Inventory balance is correct. However, the ending inventory figure was overstated by $23.000. Given this information, the correct gross profit would be: Reference: Multiple Choice $124,500 $147.500. $170.500 $137.500