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
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