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
190 units @ $10
=
$
1,900
May 5
Purchase
260 units @ $12
=
$
3,120
May 10
Sales
180 units @ $20
May 15
Purchase
140 units @ $13
=
$
1,820
May 24
Sales
130 units @ $21
Multiple Choice
$3,380
$3,110
$3,340
$3,500
$3,370
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. Units Sold at Retail Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Units Acquired at Cost 190 units @ $10 = $1,900 260 units @ $12 = $3,120 180 units @ $20 140 units @ $13 = $1,820 130 units @ $21 Multiple Choice o $3,380 o $3,110 d $3,340 $3,500 O C $3,370
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