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(LO 6) Salmone Company reported the following purchases and sales of its only product. Salmone...

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Accounting

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(LO 6) Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date May 1 5 10 15 Activities Beginning Inventory Purchase Sales Purchase Sales Units Acquired at Cost Units Sold at Retail 310 units @ $16 300 units @ $18 220 units @ $26 180 units @ $19 170 units @ $27 24

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