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 the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 300 units @ $15 May 5 Purchase 295 units @ $17 May 10 Sales 215 units @ $25 May 15 Purchase 175 units @ $18 May 24 Sales 165 units @ $26 Multiple Choice $6,625 $6,040 $6,805 $5,860 $6,460
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