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Salmone Company reported the following purchases and sales of its only product. Salmone uses a...

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Accounting

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.

Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning inventory 150 units @ $10 = $1,500
May 5 Purchase 220 units @ $12 = $2,640
May 10 Sales 140 units @ $20
May 15 Purchase 100 units @ $13 = $1,300
May 24 Sales 90 units @ $21

Multiple Choice

$2,980

$2,460

$2,850

$2,590

$5,440

Answer & Explanation Solved by verified expert
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