Salmone Company reported the following purchases and sales of its only product. Salmone uses a...
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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 inventory using FIFO. Date May 1 May 5 May 10 May 15 May 24 Beginning inventory Purchase Sales Purchase Sales Multiple Choice $3,292 $2,988 Activities $3,162 Units Acquired at Cost 174 units@ $10 = $1,740 244 units@ $12 = $2,928 124 units @ $13 = $1,612 Units Sold at Retail 164 units@ $20 114 units@ $21
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 Multeple Choice $3,292 $2,988 $3,162
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